Essent Guaranty Inc. has announced that its mortgage insurance (MI) coverage will be enhanced by Clarity of Coverage. Clarity of Coverage is an endorsement to the company's new master policy that gives insured lenders and policy beneficiaries unprecedented confidence that mortgage insurance claims will be processed in a transparent manner and evaluated fairly. Clarity of Coverage reduces lenders' exposure to MI claims being unfairly denied for immaterial misrepresentations, underwriting errors, and missing documents. Essent's Clarity of Coverage is applicable to every loan the company insures for the life of the coverage. Fannie Mae and Freddie Mac have approved the Essent Master Policy with Clarity of Coverage endorsements for use in connection with loans sold to them.
"We've listened to lenders' concerns that they want to be confident that their mortgage insurance claims will be handled fairly and paid timely by Essent. Our fresh approach to doing business includes early identification of risk issues, an exceptionally strong capital base to stand behind our policies, and now Clarity of Coverage," said Mark Casale, president and chief executive officer of Essent Guaranty. "By offering Clarity of Coverage as an endorsement to our master policy, we have made a binding commitment to fair practices in mortgage insurance. With Clarity of Coverage, lenders can be confident that the benefits of Essent insurance will be there when needed."
For more information, visit www.essent.us.