Freddie Mac Announces Essent as an Approved Mortgage Insurer
March 30, 2010
Today we are announcing that we have approved Essent Guaranty, Inc. (Essent) as a Mortgage Insurer eligible to insure mortgages sold to Freddie Mac. Essent’s entry into the market will support greater availability of home financing for qualified borrowers with limited down payment resources.
Sell and Deliver
Effective April 1, 2010, Sellers can deliver mortgages insured by Essent through the selling system using MI code 43. We have updated Guide Exhibit 10 to reflect that Essent is a Freddie Mac-approved Mortgage Insurer and have made the following additional changes:
- Changed Verex to Genworth Residential Mortgage Assurance Corporation.
- Changed HGIC to Genworth Home Equity Insurance Corp. of North Carolina.
- Updated the address for all Genworth firms.
We are also announcing that we will allow designated affiliates of flagship Freddie Mac-approved Mortgage Insurers to write business in certain states. Seller/Servicers should use the MI code of the flagship Freddie Mac-approved Mortgage Insurer when delivering affiliate-insured mortgages to Freddie Mac.
|Designated Affiliate||Freddie Mac-Approved Mortgage Insurer||MI Code|
|MGIC Indemnity Corporation (MIC)||Mortgage Guaranty Insurance Corporation (MGIC)||06|
|Republic Mortgage Insurance Company of North Carolina (RMIC-NC)||Republic Mortgage Insurance Company (RMIC)||13|
|PMI Assurance Co. (PMAC)||PMI Mortgage Insurance Co. (PMI)||11|
If you have any questions about this announcement, please contact your Freddie Mac representative or call 800-FREDDIE.