Essent Group Ltd. Comments on Updates to Private Mortgage Insurer Eligibility Requirements
21 Agosto 2024 - 5:15PM
Business Wire
Essent Group Ltd. (NYSE: ESNT) reported today that Fannie Mae
and Freddie Mac (the “GSEs”), under the oversight of the Federal
Housing Finance Authority (“FHFA”), issued updates to the Private
Mortgage Insurer Eligibility Requirements (“PMIERs”) calculation of
Available Assets and planned sunset of the use of the 0.3x Required
Asset multiplier for loans in a COVID forbearance plan.
The updated PMIERs Available Asset requirements are subject to a
phased-in implementation, will have no impact on Essent’s Available
Assets or sufficiency ratio until March 31, 2025 and will become
fully effective on September 30, 2026. The sunset of the 0.3x
Required Asset multiplier for loans in a COVID forbearance plan
will become effective on March 31, 2025. If both of these changes
were fully in effect as of June 30, 2024, Essent Guaranty’s PMIERs
Available Assets would have been $3.3 billion and PMIERs
sufficiency ratio would have been 161%, compared to the $3.5
billion and 171%, respectively, previously disclosed under the
current requirements.
“Based on the strength of our PMIERs sufficiency ratio today and
our high quality and well diversified investment portfolio, we are
well positioned to comply with the updated PMIERs,” said Mark
Casale, Chairman and Chief Executive Officer. “We commend the FHFA
and the GSEs for their continued efforts to enhance PMIERs, which
further solidifies the role of the private mortgage insurance
industry in serving the U.S. housing finance system and supporting
affordable and sustainable homeownership.”
Forward-Looking Statements:
This press release may include “forward-looking statements”
which are subject to known and unknown risks and uncertainties,
many of which may be beyond our control. Forward-looking statements
generally can be identified by the use of forward-looking
terminology such as "may," "will," “should,” “expect,” "plan,"
"anticipate," "believe," “estimate,” “predict,” or "potential" or
the negative thereof or variations thereon or similar terminology.
Actual events, results and outcomes may differ materially from our
expectations due to a variety of known and unknown risks,
uncertainties and other factors. Although it is not possible to
identify all of these risks and factors, they include, among
others, the following: changes in or to Fannie Mae and Freddie Mac
(the “GSEs”), whether through Federal legislation, restructurings
or a shift in business practices; failure to continue to meet the
mortgage insurer eligibility requirements of the GSEs; competition
for customers or the loss of a significant customer; lenders or
investors seeking alternatives to private mortgage insurance; an
increase in the number of loans insured through Federal government
mortgage insurance programs; decline in the volume of low down
payment mortgage originations; uncertainty of loss reserve
estimates; decrease in the length of time our insurance policies
are in force; deteriorating economic conditions; and other risks
and factors described in Part I, Item 1A “Risk Factors” of our
Annual Report on Form 10-K for the year ended December 31, 2023
filed with the Securities and Exchange Commission on February 16,
2024, as subsequently updated through other reports we file with
the Securities and Exchange Commission. Any forward-looking
information presented herein is made only as of the date of this
press release, and we do not undertake any obligation to update or
revise any forward-looking information to reflect changes in
assumptions, the occurrence of unanticipated events, or
otherwise.
About the Company:
Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding
company (collectively with its subsidiaries, “Essent”) offering
private mortgage insurance, reinsurance, and title insurance and
settlement services to serve the housing finance industry.
Additional information regarding Essent may be found at
www.essentgroup.com.
Source: Essent Group Ltd.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240821131433/en/
Media 610.230.0556 media@essentgroup.com Investor
Relations Philip Stefano Vice President, Investor Relations
855-809-ESNT ir@essentgroup.com
Essent (NYSE:ESNT)
Gráfica de Acción Histórica
De Sep 2024 a Oct 2024
Essent (NYSE:ESNT)
Gráfica de Acción Histórica
De Oct 2023 a Oct 2024