Mortgage insurance (MI) provider Essent Guaranty has announced the launch of a new risk-based platform that supports a fully integrated pricing engine. The company’s EssentEDGE platform provides the capability to price more attributes at the loan level, unlike the current rate-card pricing structure, which is generally based on broad FICO and loan-to-value (LTV) ranges.
“EssentEDGE aligns with our lender customers’ increasing focus on enhancing their front end and best execution technologies,” said Mark Casale, chairman and chief executive officer at Essent Guaranty. “Additionally, as managers of long-tail mortgage credit risk, EssentEDGE is another tool that enables us to shape our portfolio to our desired risk and return profile.”
EssentEDGE will be available to customers on Jan. 21 through Essent’s Rate Finder and over most industry pricing engines and loan origination system interfaces. The company said that EssentEDGE will work seamlessly to help customers quote and order mortgage insurance that works for them.
The timing and scope of EssentEDGE pricing availability may be subject to pending regulatory approval in some states. Essent’s current rate card pricing structure is available and will be applied to coverage where EssentEDGE pricing is not yet available.