Essent Guaranty Inc. marked its arrival Thursday, announcing that Fannie Mae and Freddie Mac have approved it as an official mortgage insurer, making the Radnor, Pa., company one of only eight with such a designation.
With the approval from the government-sponsored enterprises, Essent can begin writing business. (By law, the GSEs cannot buy or guarantee mortgages with loan-to-value ratios higher than 80% unless they are backed by private mortgage insurance.)
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