Essent Guaranty Approved to Provide Mortgage Insurance on Mortgages Sold to the Federal Home Loan Bank of Boston
Essent Guaranty, Inc., a nationwide provider of mortgage insurance (MI), announced today the Federal Home Loan Bank of Boston (“FHLB Boston”) approved Essent Guaranty as an eligible mortgage insurer for loans purchased under its Mortgage Partnership Finance(R) program, which provides member institutions a competitive secondary market alternative. With this approval, Essent Guaranty is now an eligible mortgage insurance provider to all Federal Home Loan Banks across the nation with mortgage purchase programs.
“Essent Guaranty is thrilled to receive the FHLB of Boston’s approval to expand services and help meet the mortgage insurance requirements of all its participating financial institutions in New England,” said Jeff Cashmer, Essent’s Chief Business Officer. “We look forward to providing credit enhancement for loans through the Mortgage Partnership Finance(R) program. Essent offers FHLB Boston member institutions the benefits of working with a strong and fair counterparty and dedicated customer service to best serve their home financing needs for low down payment borrowers.”
Essent Group Ltd. (NYSE:ESNT) is a Bermuda-based holding company which, through its wholly-owned subsidiary Essent Guaranty, Inc., offers private mortgage insurance for single-family mortgage loans in the United States. Essent provides private capital to mitigate mortgage credit risk, allowing lenders to make additional mortgage financing available to prospective homeowners. Headquartered in Radnor, Pennsylvania, Essent Guaranty, Inc. is licensed to write mortgage insurance in all 50 states and the District of Columbia, and is approved by Fannie Mae and Freddie Mac. Additional information regarding Essent may be found at www.essentgroup.com.
About the MPF Program
The MPF Program was created in 1997. To participate in the MPF Program, a financial institution must be a member of a Federal Home Loan Bank (FHLBank) that offers the MPF Program. Currently, new loan purchases are available through the following FHLBanks: Atlanta, Boston, Chicago, Dallas, Des Moines, New York, Pittsburgh, San Francisco, Seattle, and Topeka.
The U.S. Congress created the FHLBank System in 1932. The System comprises 12 FHLBanks across the country. Each FHLBank is cooperatively owned by member financial institutions and managed by its own Board of Directors.
“Mortgage Partnership Finance,” “MPF,” and “MPF Xtra” are registered trademarks of the Federal Home Loan Bank of Chicago. The “MPF Mortgage Partnership Finance” logo is a trademark of the Federal Home Loan Bank of Chicago.
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