New MI Firm Essent Writes First Policy

Essent Guaranty, a startup mortgage insurance firm, has finally written its first policy but isn't giving out much in the way of details. In a statement issued to National Mortgage News, the Pennsylvania-based company said it is "actively engaged with lenders and has issued mortgage insurance certificates." But the company declined to say how many MI policies it has issued and when. The privately held firm was formed two years ago by Mark Casale and other industry veterans. During his career, Casale worked for Radian Guaranty, and Advanta Mortgage, the latter of which eventually was sold to Chase Manhattan Bank (now JPMorgan Chase). With Essent's entry into the market, there are now seven MI firms actively writing new policies. Triad Guaranty is in "wind-down" mode.