Essent Group Ltd. Reports Fourth Quarter & Full Year 2018 Results

HAMILTON, Bermuda–(BUSINESS WIRE)–Essent Group Ltd. (NYSE: ESNT) today reported net income for the quarter
ended December 31, 2018 of $128.5 million or $1.31 per diluted share,
which includes a reduction of $9.9 million, or $.08 per diluted share,
of the $11.1 million loss reserve established in the fourth quarter of
2017 for defaulted loans identified as related to Hurricanes Harvey and
Irma. For the full year 2018, net income was $467.4 million or $4.77 per
diluted share.

“We are pleased with our strong fourth quarter and full year 2018
results as we continued growing our high credit quality and profitable
mortgage insurance portfolio,” said Mark Casale, Chairman and Chief
Executive Officer. “Also during 2018, we successfully piloted our risk
based pricing engine, EssentEDGETM, and executed in the
reinsurance markets. We believe that increased sophistication in the
front-end and back-end of our business positions us well to shape our
insured portfolio and profitably manage the long tail mortgage credit
risk.”

Financial Highlights:

  • Insurance in force as of December 31, 2018 was $137.7 billion,
    compared to $131.2 billion as of September 30, 2018 and $110.5 billion
    as of December 31, 2017.
  • New insurance written for the fourth quarter was $11.4 billion,
    compared to $13.9 billion in the third quarter of 2018 and $11.2
    billion in the fourth quarter of 2017.
  • Net premiums earned for the fourth quarter were $173.3 million,
    compared to $166.7 million in the third quarter of 2018 and $148.0
    million in the fourth quarter of 2017.
  • The expense ratio for the fourth quarter was 22.8%, compared to 22.1%
    in the third quarter of 2018 and 24.7% in the fourth quarter of 2017.
  • The provision for losses and LAE for the fourth quarter was a benefit
    of $1.0 million, compared to a provision of $5.5 million in the third
    quarter of 2018 and a provision of $17.5 million in the fourth quarter
    of 2017. The provision in the fourth quarter of 2018 included a $9.9
    million release of the $11.1 million reserve associated with loans
    identified as related to Hurricanes Harvey and Irma that was
    established in the fourth quarter of 2017.
  • The percentage of loans in default as of December 31, 2018 was 0.66%,
    compared to 0.61% as of September 30, 2018 and 0.96% as of December
    31, 2017.
  • The combined ratio for the fourth quarter was 22.2%, compared to 25.4%
    in the third quarter of 2018 and 36.4% in the fourth quarter of 2017.
  • The consolidated balance of cash and investments at December 31, 2018
    was $2.9 billion, including cash and investment balances at Essent
    Group Ltd. of $78.4 million.
  • The combined risk-to-capital ratio of the U.S. mortgage insurance
    business, which includes statutory capital for both Essent Guaranty,
    Inc. and Essent Guaranty of PA, Inc., was 13.9:1 as of December 31,
    2018.
  • In December, Essent Guaranty, Inc. entered into an excess of loss
    (“XOL”) reinsurance agreement with a panel of U.S. and global
    reinsurers for $165.2 million of additional protection on mortgage
    insurance policies written by Essent in 2017.

Conference Call

Essent management will hold a conference call at 10:00 AM Eastern time
today to discuss its results. The conference call will be broadcast live
over the Internet at http://ir.essentgroup.com/investors/webcasts-and-presentations/event-calendar/default.aspx.
The call may also be accessed by dialing 866-393-4306 inside the U.S.,
or 734-385-2616 for international callers, using passcode 1164457 or by
referencing Essent.

A replay of the webcast will be available on the Essent website
approximately two hours after the live broadcast ends for a period of
one year. A replay of the conference call will be available
approximately two hours after the call ends for a period of two weeks,
using the following dial-in numbers and passcode: 855-859-2056 inside
the U.S., or 404-537-3406 for international callers, passcode 1164457.

In addition to the information provided in the company’s earnings news
release, other statistical and financial information, which may be
referred to during the conference call, will be available on Essent’s
website at http://ir.essentgroup.com/investors/financial-information/quarterly-financial-supplements/default.aspx.

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; lenders
or investors seeking alternatives to private mortgage insurance; an
increase in the number of loans insured through Federal government
mortgage insurance programs, including those offered by the Federal
Housing Administration; decline in new insurance written and franchise
value due to loss of a significant customer; decline in the volume of
low down payment mortgage originations; the definition of “Qualified
Mortgage” reducing the size of the mortgage origination market or
creating incentives to use government mortgage insurance programs; the
definition of “Qualified Residential Mortgage” reducing the number of
low down payment loans or lenders and investors seeking alternatives to
private mortgage insurance; the implementation of the Basel III Capital
Accord discouraging the use of private mortgage insurance; a decrease in
the length of time that insurance policies are in force; uncertainty of
loss reserve estimates; deteriorating economic conditions; our non-U.S.
operations becoming subject to U.S. Federal income taxation; becoming
considered a passive foreign investment company for U.S. Federal income
tax purposes; 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, 2017 filed with the Securities and Exchange Commission on
February 20, 2018. 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.

Non-GAAP Financial Measures

In presenting Essent Group Ltd.’s results, management has included
financial measures, including adjusted book value per share, that are
not calculated under standards or rules that comprise accounting
principles generally accepted in the United States (“GAAP”). Such
measures are referred to as “non-GAAP measures.” These non-GAAP measures
may be defined or calculated differently by other companies. Management
believes these measures allow for a more complete understanding of the
underlying business. These measures are used to monitor our results and
should not be viewed as a substitute for those determined in accordance
with GAAP. Reconciliations of such measures to the most comparable GAAP
figures are included in the attached financial supplement in accordance
with Regulation G.

About the Company

Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company
(collectively with its subsidiaries, “Essent”) 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.
Essent also offers mortgage-related insurance, reinsurance and advisory
services through its Bermuda-based subsidiary, Essent Reinsurance Ltd.
Additional information regarding Essent may be found at www.essentgroup.com
and www.essent.us.

Source: Essent Group Ltd.

   
 
Essent Group Ltd. and Subsidiaries
Financial Results and Supplemental Information (Unaudited)
Quarter and Year Ended December 31, 2018
 
 
Exhibit A Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Exhibit B Condensed Consolidated Balance Sheets (Unaudited)
Exhibit C Historical Quarterly Data
Exhibit D New Insurance Written
Exhibit E Insurance in Force and Risk in Force
Exhibit F Other Risk in Force
Exhibit G Portfolio Vintage Data
Exhibit H Portfolio Geographic Data
Exhibit I Defaults, Reserve for Losses and LAE, and Claims
Exhibit J Investments Available for Sale
Exhibit K Insurance Company Capital
Exhibit L Reconciliation of Non-GAAP Financial Measure – Adjusted Book Value
per Share
 
               
Exhibit A
 
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 
 
Three Months Ended December 31, Year Ended December 31,

(In thousands, except per share amounts)

2018 2017 2018 2017
Revenues:
Net premiums written $ 176,437 $ 161,771 $ 685,287 $ 570,186
Increase in unearned premiums   (3,136 )   (13,795 )   (35,795 )   (40,056 )
Net premiums earned 173,301 147,976 649,492 530,130
Net investment income 18,597 11,765 64,091 40,226
Realized investment gains, net 158 252 1,318 2,015
Other income   1,068     1,117     4,452     4,140  
Total revenues   193,124     161,110     719,353     576,511  
 
Losses and expenses:
Provision for losses and LAE (999 ) 17,456 11,575 27,232
Other underwriting and operating expenses 39,449 36,480 150,900 145,533
Interest expense   2,611     1,817     10,179     5,178  
Total losses and expenses   41,061     55,753     172,654     177,943  
 
Income before income taxes 152,063 105,357 546,699 398,568
Income tax expense (benefit)   23,535     (57,281 )   79,336     18,821  
Net income $ 128,528   $ 162,638   $ 467,363   $ 379,747  
 
 
Earnings per share:
Basic $ 1.32 $ 1.69 $ 4.80 $ 4.07
Diluted 1.31 1.65 4.77 3.99
 
Weighted average shares outstanding:
Basic 97,450 96,429 97,403 93,330
Diluted 98,066 98,497 97,974 95,211
 
Net income $ 128,528 $ 162,638 $ 467,363 $ 379,747
 
Other comprehensive income (loss):
Change in unrealized appreciation (depreciation) of investments   18,456     (7,230 )   (25,741 )   8,068  
Total other comprehensive income (loss)   18,456     (7,230 )   (25,741 )   8,068  
Comprehensive income $ 146,984   $ 155,408   $ 441,622   $ 387,815  
 
 
Loss ratio (0.6 )% 11.8 % 1.8 % 5.1 %
Expense ratio   22.8     24.7     23.2     27.5  
Combined ratio   22.2 %   36.4 %   25.0 %   32.6 %
 
       
Exhibit B
 
Essent Group Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
 
 
December 31, December 31,

(In thousands, except per share amounts)

2018 2017
Assets
Investments
Fixed maturities available for sale, at fair value $ 2,605,666 $ 1,992,371
Short-term investments available for sale, at fair value   154,400     312,694  
Total investments available for sale 2,760,066 2,305,065
Other invested assets   30,952     500  
Total investments 2,791,018 2,305,565
Cash 64,946 43,524
Accrued investment income 17,627 12,807
Accounts receivable 36,881 29,752
Deferred policy acquisition costs 16,049 15,354
Property and equipment 7,629 6,979
Prepaid federal income tax 202,385 252,157
Other assets   13,436     8,230  
 
Total assets $ 3,149,971   $ 2,674,368  
 
Liabilities and Stockholders’ Equity
Liabilities
Reserve for losses and LAE $ 49,464 $ 46,850
Unearned premium reserve 295,467 259,672
Net deferred tax liability 172,642 127,636
Credit facility borrowings, net of deferred costs 223,664 248,591
Securities purchased payable 2,041 14,999
Other accrued liabilities   40,976     36,184  
Total liabilities   784,254     733,932  
 
Commitments and contingencies
 
Stockholders’ Equity
Common shares 1,472 1,476
Additional paid-in capital 1,110,800 1,127,137
Accumulated other comprehensive loss (28,993 ) (3,252 )
Retained earnings   1,282,438     815,075  
Total stockholders’ equity   2,365,717     1,940,436  
 
Total liabilities and stockholders’ equity $ 3,149,971   $ 2,674,368  
 
Return on average equity 21.7 % 23.1 %
 
                           
Exhibit C
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Data
   
 
2018 2017
Selected Income Statement Data December 31 September 30 June 30 March 31 December 31 September 30 June 30 March 31

(In thousands, except per share amounts)

Revenues:
Net premiums written $ 176,437   $ 175,221   $ 168,404   $ 165,225   $ 161,771   $ 155,055   $ 134,063   $ 119,297  
 
Net premiums earned (1) 173,301 166,675 156,958 152,558 147,976 137,940 126,563 117,651
Other revenues   19,823     18,323     16,810     14,905     13,134     12,263     11,043     9,941  
Total revenues   193,124     184,998     173,768     167,463     161,110     150,203     137,606     127,592  
 
Losses and expenses:
Provision for losses and LAE (2) (999 ) 5,452 1,813 5,309 17,456 4,313 1,770 3,693
Other underwriting and operating expenses 39,449 36,899 36,428 38,124 36,480 37,035 35,686 36,332
Interest expense   2,611     2,500     2,618     2,450     1,817     1,456     1,189     716  
Total losses and expenses   41,061     44,851     40,859     45,883     55,753     42,804     38,645     40,741  
 
Income before income taxes 152,063 140,147 132,909 121,580 105,357 107,399 98,961 86,851
Income tax expense (benefit) (3) (4)   23,535     24,136     21,154     10,511     (57,281 )   29,006     26,843     20,253  
Net income $ 128,528   $ 116,011   $ 111,755   $ 111,069   $ 162,638   $ 78,393   $ 72,118   $ 66,598  
 
Earnings per share:
Basic $ 1.32 $ 1.19 $ 1.15 $ 1.14 $ 1.69 $ 0.83 $ 0.79 $ 0.73
Diluted 1.31 1.18 1.14 1.13 1.65 0.82 0.77 0.72
 
Weighted average shares outstanding:
Basic 97,450 97,438 97,426 97,298 96,429 94,185 91,381 91,258
Diluted 98,066 98,013 97,866 97,951 98,497 96,094 93,162 93,023
 
Other Data:
Loss ratio (5) (0.6 )% 3.3 % 1.2 % 3.5 % 11.8 % 3.1 % 1.4 % 3.1 %
Expense ratio (6)   22.8     22.1     23.2     25.0     24.7     26.8     28.2     30.9  
Combined ratio   22.2 %   25.4 %   24.4 %   28.5 %   36.4 %   30.0 %   29.6 %   34.0 %
 
Return on average equity (annualized) 22.4 % 21.5 % 21.8 % 22.6 % 35.0 % 19.1 % 19.8 % 19.3 %
 

(1) Net premiums earned are net of premiums ceded to third-party
reinsurers beginning in 2018. Premiums ceded totaled $3,731, $3,158,
$3,585 and $294 in the three months ended December 31, 2018, September
30, 2018, June 30, 2018 and March 31, 2018, respectively.

(2) Provision for losses and LAE for the quarter ended December
31, 2018 includes a $9.9 million reduction associated with previously
identified hurricane-related defaults based on the performance to date
and our expectations of the amount of ultimate losses on the remaining
delinquencies. Provision for losses and LAE for the quarter ended
December 31, 2017 includes an $11.1 million provision associated with
defaults identified as related to Hurricanes Harvey and Irma.

(3) Income tax expense for the quarter ended September 30, 2018
includes $1,450 of expense associated with accrual to return adjustments
associated with the completion of the 2017 U.S. federal income tax
return. Income tax expense for the quarters ended March 31, 2018 and
2017 was reduced by $9,549 and $3,023, respectively, of excess tax
benefits associated with the vesting of common shares and common share
units during each period.

(4) Income tax expense for the quarter ended December 31, 2017
was reduced by $85,091 of income tax benefit due to the one-time impact
of the reduced U.S. corporate income tax rate on the company’s net
deferred tax liability position.

(5) Loss ratio is calculated by dividing the provision for losses
and LAE by net premiums earned.

(6) Expense ratio is calculated by dividing other underwriting
and operating expenses by net premiums earned.

                           
Exhibit C, continued
Essent Group Ltd. and Subsidiaries
Supplemental Information
Historical Quarterly Data
   
 
2018 2017
Other Data, continued: December 31 September 30 June 30 March 31 December 31 September 30 June 30 March 31

($ in thousands)

 
U.S. Mortgage Insurance Portfolio
Flow:
New insurance written $ 11,408,542 $ 13,913,191 $ 12,850,642 $ 9,336,150 $ 11,234,855 $ 13,221,038 $ 11,368,276 $ 8,034,153
New risk written 2,838,530 3,430,942 3,201,610 2,295,314 2,737,008 3,228,603 2,786,501 1,929,832
 
Bulk:
New insurance written $ $ $ $ $ $ $ $
New risk written
 
Total:
Average gross premium rate (7) 0.50 % 0.51 % 0.52 % 0.52 % 0.53 % 0.53 % 0.53 % 0.53 %
Average net premium rate (8) 0.49 % 0.50 % 0.51 % 0.52 % 0.53 % 0.53 % 0.53 % 0.53 %
New insurance written $ 11,408,542 $ 13,913,191 $ 12,850,642 $ 9,336,150 $ 11,234,855 $ 13,221,038 $ 11,368,276 $ 8,034,153
New risk written $ 2,838,530 $ 3,430,942 $ 3,201,610 $ 2,295,314 $ 2,737,008 $ 3,228,603 $ 2,786,501 $ 1,929,832
Insurance in force (end of period) $ 137,720,786 $ 131,249,957 $ 122,501,246 $ 115,250,949 $ 110,461,950 $ 103,936,307 $ 95,494,390 $ 87,993,227
Gross risk in force (end of period) (9) $ 34,482,448 $ 32,786,194 $ 30,579,106 $ 28,691,561 $ 27,443,985 $ 25,807,358 $ 23,665,045 $ 21,801,667
Risk in force (end of period) $ 33,892,869 $ 32,361,782 $ 30,154,694 $ 28,267,149 $ 27,443,985 $ 25,807,358 $ 23,665,045 $ 21,801,667
Policies in force 608,135 581,570 546,576 517,215 496,477 467,483 430,585 397,650
Weighted average coverage (10) 25.0 % 25.0 % 25.0 % 24.9 % 24.8 % 24.8 % 24.8 % 24.8 %
Annual persistency 84.9 % 84.0 % 83.0 % 83.5 % 83.9 % 82.1 % 80.1 % 78.2 %
 
Loans in default (count) 4,024 3,538 3,519 4,442 4,783 2,153 1,776 1,777
Percentage of loans in default 0.66 % 0.61 % 0.64 % 0.86 % 0.96 % 0.46 % 0.41 % 0.45 %
 
Other Risk in Force
GSE and other risk share (11) $ 655,384 $ 612,750 $ 592,493 $ 557,692 $ 538,944 $ 501,485 $ 479,762 $ 436,991
 
Credit Facility
Borrowings outstanding $ 225,000 $ 225,000 $ 225,000 $ 265,000 $ 250,000 $ 175,000 $ 175,000 $ 125,000
Undrawn committed capacity $ 275,000 $ 275,000 $ 275,000 $ 110,000 $ 125,000 $ 200,000 $ 200,000 $ 75,000
Weighted average interest rate 4.43 %
 

(7) Average gross premium rate is calculated by dividing
annualized premiums earned for the U.S. mortgage insurance portfolio,
before reductions for premiums ceded under third-party reinsurance, by
average insurance in force for the period.

(8) Average net premium rate is calculated by dividing annualized
net premiums earned for the U.S. mortgage insurance portfolio by average
insurance in force for the period.

(9) Gross risk in force includes risk ceded under third-party
reinsurance.

(10) Weighted average coverage is calculated by dividing end of
period gross risk in force by end of period insurance in force.

(11) GSE and other risk share includes GSE risk share and other
reinsurance transactions. Essent Re provides insurance or reinsurance
relating to the risk in force on loans in reference pools acquired by
Freddie Mac and Fannie Mae, including in connection with Freddie Mac’s
Agency Credit Insurance Structure (“ACIS”) and Fannie Mae’s Credit
Insurance Risk Transfer (“CIRT”) programs.

                           
Exhibit D
   
Essent Group Ltd. and Subsidiaries
Supplemental Information
New Insurance Written: Flow
 
 
NIW by Credit Score
Three Months Ended Year Ended
December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017

($ in thousands)

>=760

$ 4,737,774 41.5 % $ 4,551,775 40.5 % $ 19,903,369 41.9 % $ 18,455,482 42.1 %

740-759

1,959,523 17.2 1,793,713 16.0 8,076,182 17.0 6,851,174 15.6

720-739

1,665,931 14.6 1,644,956 14.6 6,875,823 14.5 6,223,802 14.2

700-719

1,349,689 11.8 1,378,170 12.3 5,715,076 12.0 5,228,590 11.9

680-699

875,125 7.7 1,024,440 9.1 3,722,490 7.8 3,843,164 8.8

<=679

  820,500       7.2     841,801       7.5     3,215,585       6.8     3,256,110       7.4  

Total

$ 11,408,542       100.0 % $ 11,234,855       100.0 % $ 47,508,525       100.0 % $ 43,858,322       100.0 %
 
Weighted average credit score 745 743 745 744
 
 
 
NIW by LTV
Three Months Ended Year Ended
December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017

($ in thousands)

85.00% and below $ 1,384,296 12.1 % $ 1,532,008 13.6 % $ 5,731,894 12.1 % $ 5,839,270 13.3 %
85.01% to 90.00% 3,124,625 27.4 3,286,879 29.3 13,227,075 27.8 13,072,845 29.8
90.01% to 95.00% 4,955,729 43.4 4,845,713 43.1 20,579,615 43.3 19,301,353 44.0
95.01% and above   1,943,892       17.1     1,570,255       14.0     7,969,941       16.8     5,644,854       12.9  
Total $ 11,408,542       100.0 % $ 11,234,855       100.0 % $ 47,508,525       100.0 % $ 43,858,322       100.0 %
 
Weighted average LTV 92 % 92 % 92 % 92 %
 
 
 
NIW by Product
Three Months Ended Year Ended
December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017
Single Premium policies 13.5 % 19.0 % 15.3 % 16.3 %
Monthly Premium policies 86.5   81.0   84.7   83.7  
100.0 % 100.0 % 100.0 % 100.0 %
 
 
 
NIW by Purchase vs. Refinance
Three Months Ended Year Ended
December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017
Purchase 93.3 % 84.4 % 91.8 % 85.2 %
Refinance 6.7   15.6   8.2   14.8  
100.0 % 100.0 % 100.0 % 100.0 %
 
                       
Exhibit E
 
Essent Group Ltd. and Subsidiaries
Supplemental Information
Insurance in Force and Risk in Force
 
 
Portfolio by Credit Score
IIF by FICO score December 31, 2018 September 30, 2018 December 31, 2017

($ in thousands)

>=760 $ 59,249,659 43.0 % $ 56,686,270 43.2 % $ 48,668,705 44.1 %

740-759

22,843,145 16.6 21,661,445 16.5 17,939,206 16.2

720-739

19,898,885 14.5 18,909,281 14.4 15,761,787 14.3

700-719

15,714,206 11.4 14,928,024 11.4 12,167,285 11.0

680-699

11,299,829 8.2 10,828,068 8.2 9,156,196 8.3
<=679   8,715,062       6.3     8,236,869       6.3     6,768,771       6.1  
Total $ 137,720,786       100.0 % $ 131,249,957       100.0 % $ 110,461,950       100.0 %
 
Weighted average credit score 746 746 747
 
Gross RIF by FICO score December 31, 2018 September 30, 2018 December 31, 2017

($ in thousands)

>=760 $ 14,789,783 42.9 % $ 14,119,178 43.1 % $ 12,058,196 43.9 %

740-759

5,736,432 16.6 5,434,079 16.6 4,485,439 16.4

720-739

5,036,063 14.6 4,773,174 14.5 3,957,922 14.4

700-719

3,943,925 11.4 3,735,034 11.4 3,018,341 11.0

680-699

2,846,297 8.3 2,718,524 8.3 2,286,082 8.3
<=679   2,129,948       6.2     2,006,205       6.1     1,638,005       6.0  
Total $ 34,482,448       100.0 % $ 32,786,194       100.0 % $ 27,443,985       100.0 %
 
Portfolio by LTV
IIF by LTV December 31, 2018 September 30, 2018 December 31, 2017

($ in thousands)

85.00% and below $ 15,123,578 11.0 % $ 14,641,309 11.2 % $ 12,917,751 11.7 %
85.01% to 90.00% 41,020,839 29.8 39,598,332 30.2 34,794,108 31.5
90.01% to 95.00% 66,028,990 47.9 63,167,371 48.1 54,323,103 49.2
95.01% and above   15,547,379       11.3     13,842,945       10.5     8,426,988       7.6  
Total $ 137,720,786       100.0 % $ 131,249,957       100.0 % $ 110,461,950       100.0 %
 
Weighted average LTV 92 % 92 % 92 %
 
Gross RIF by LTV December 31, 2018 September 30, 2018 December 31, 2017

($ in thousands)

85.00% and below $ 1,741,823 5.1 % $ 1,680,050 5.1 % $ 1,462,351 5.3 %
85.01% to 90.00% 9,819,171 28.5 9,458,067 28.8 8,262,322 30.1
90.01% to 95.00% 18,912,421 54.8 18,090,207 55.2 15,576,125 56.8
95.01% and above   4,009,033       11.6     3,557,870       10.9     2,143,187       7.8  
Total $ 34,482,448       100.0 % $ 32,786,194       100.0 % $ 27,443,985       100.0 %
 
Portfolio by Loan Amortization Period
IIF by Loan Amortization Period December 31, 2018 September 30, 2018 December 31, 2017

($ in thousands)

FRM 30 years and higher $ 128,083,429 93.0 % $ 121,455,115 92.6 % $ 100,592,946 91.1 %
FRM 20-25 years 2,965,782 2.2 3,032,593 2.3 2,879,977 2.6
FRM 15 years 3,445,447 2.5 3,571,994 2.7 3,857,152 3.5
ARM 5 years and higher   3,226,128       2.3     3,190,255       2.4     3,131,875       2.8  
Total $ 137,720,786       100.0 % $ 131,249,957       100.0 % $ 110,461,950       100.0 %
 

Contacts

Media Contact
610-230-0556
media@essentgroup.com

Investor Relations Contact
Christopher G. Curran
Senior
Vice President – Investor Relations
855-809-ESNT
ir@essentgroup.com

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