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Expanded eligibility, increased loan limits and more…
July 29, 2022  |  RE: Equifax Coding Error

Equifax recently notified us that a coding error may have affected credit scores
and credit data for credit reports they issued between March 17, 2022 and April
6, 2022.

Fannie Mae and Freddie Mac have issued lender letters stating that they will not
consider errors to underlying credit report data resulting from the coding error
to be material. Lenders are not required to obtain updated credit reports and
re-underwrite loans. Any inaccurate credit scores used at the time of
underwriting will not render loans ineligible for purchase and repurchase
requests will not be issued based on this incident.

Essent’s Response

 * Eligibility:We are aligned with the Agency determinations. We will not
   subject any impacted loans to rescission based solely on this issue.
   Additionally, loans with insurance-in-force and loans with active commitments
   will continue to be eligible for Essent mortgage insurance (MI). We will not
   require updated credit reports or loans to be re-underwritten.
   
   
 * Pricing Adjustments:We understand that this coding error may have resulted in
   overcharges or undercharges for MI. We encourage lenders to provide us with
   corrected data for insurance-in-force loans or active commitments impacted by
   the Equifax coding error.

We will review the data and if corrected scores result in:

 * lower MI premiums, we will make the correction and return any excess
   premiums.
 * higher MI premiums, we will not make any adjustments or request additional
   premiums.

Lenders can submit corrected data to us via email at
clientservicesmanagers@essent.us. Please reference ‘Equifax Coding Error
Correction’ in the subject line and include the corrected borrower credit and
loan representative scores, as well as the Essent MI Commitment number and
borrower last name.

For more information about the Agency Selling Guide Announcements regarding the
Equifax coding error, please read the following lender letters:

 * Fannie Mae LL-2022-02
 * Freddie Mac Bulletin 2022-14

For questions regarding our response, please contact your Essent account
manager.


 

Crissy White
Account Manager
crissy.white@essent.us
509.218.8500








 



Mortgage Insurance provided by Essent Guaranty, Inc.
© 2022 Essent Guaranty, Inc., All rights reserved.
Two Radnor Corporate Center, 100 Matsonford Road, Radnor, PA
19087   |   essent.us
EGI-Ann 6901.145 (08/22)

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