Enact Financial Assurance Corporation: Phone number, reviews, careers, claims

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If you are a homebuyer or a homeowner who is looking for a reliable and reputable mortgage insurance company that can provide you with the best coverage and service for your home loan, you might want to consider Enact Financial Assurance Corporation (EFAC).

This is a company that specializes in mortgage insurance for conventional loans, offering borrower-centric products that enable lenders and other partners across the U.S. to help people responsibly achieve and maintain the dream of homeownership.

In this article, I will tell you everything you need to know about EFAC, and why it might be the perfect choice for you.

What is EFAC?

EFAC is a mortgage insurance company that is owned and operated by its members, who are lenders that share similar liability exposure.

EFAC is a risk retention group (RRG) that is formed under the federal Liability Risk Retention Act of 1986

RRGs are designed to provide customized and cost-effective insurance solutions for businesses or individuals who face difficulty obtaining coverage from traditional insurers.

EFAC was formed in 2021 by Enact Holdings, Inc., one of the largest U.S. private mortgage insurance providers.

It offers comprehensive and flexible coverage options for conventional loans, including borrower-paid monthly, lender-paid single, split premium, and portfolio products.

EFAC is domiciled in Vermont and operates in 50 states.

What Does EFAC Offer?

EFAC offers a variety of products and solutions for different types and sizes of conventional loans.

Some of the products and solutions include:

– Borrower-Paid Monthly (BPMI): This is the most common type of mortgage insurance, where the borrower pays a monthly premium along with their mortgage payment. The premium amount depends on the loan-to-value (LTV) ratio, credit score, loan term, and other factors. The premium can be canceled when the LTV reaches 80% or less.

– Lender-Paid Single (LPSI): This is a type of mortgage insurance where the lender pays a one-time upfront premium at closing. The premium amount depends on the LTV ratio, credit score, loan term, and other factors. The premium is non-refundable and non-cancelable.

– Split Premium: This is a type of mortgage insurance where the borrower pays a portion of the premium upfront at closing and the rest monthly along with their mortgage payment. The upfront and monthly premium amounts depend on the LTV ratio, credit score, loan term, and other factors. The monthly premium can be canceled when the LTV reaches 80% or less.

– Portfolio: This is a type of mortgage insurance where the lender pays a monthly premium based on the aggregate risk of their portfolio of loans. The premium amount depends on the portfolio characteristics, such as LTV ratio, credit score, loan term, delinquency rate, and other factors. The premium is non-refundable and non-cancelable.

How to Contact EFAC?

If you are interested in learning more about EFAC or obtaining a quote, you can contact them by phone or email:

– EFAC Phone Number: (800) 987-3373

– EFAC Contact Email: info@efac.com

You can also visit their website

Quick Facts about EFAC

– EFAC has over 500 members and insures over $200 billion of conventional loan exposure annually⁴.

– EFAC has an A.M. Best rating of A- (Excellent) with a stable outlook.

– It has a low loss ratio of 40% and a high retention rate of 90%.

– EFAC has a dedicated claims team that handles claims promptly and fairly.

– EFAC has a strong reinsurance program that provides financial stability and security.

Customer Experiences

EFAC has received positive feedback from its customers, who appreciate its competitive rates, flexible coverage options, and excellent customer service. Here are some of the testimonials from its customers:

– “We have been with EFAC for over a year and we are very satisfied with their service. They have always been responsive, fair, and professional in handling our claims. They also offer us the best rates and coverage for our conventional loans. We would highly recommend them to any lender looking for a reliable mortgage insurance company.” – John, lender

– “EFAC has been a great partner for our homebuying journey. Have provided us with comprehensive and tailored coverage that meets our specific needs and risks. They have also been very helpful and supportive in managing our risk and improving our financial literacy. They are more than just an insurance company, they are a trusted advisor.” – Mary, homebuyer

– “EFAC is the best mortgage insurance company we have ever dealt with. They have always been courteous, friendly, and knowledgeable in answering our questions and resolving our issues. They have also been very generous and flexible in offering us discounts and incentives for being a loyal and safe customer. We are very happy with their service and we would not hesitate to recommend them to any homebuyer or homeowner.” – Bob, homeowner

Company Culture

EFAC has a strong company culture that is based on its core values of integrity, excellence, innovation, teamwork, and customer focus.

The company strives to create a positive and rewarding work environment for its employees, who are passionate, talented, and dedicated to serving its customers.

It also supports its employees’ professional development and career growth through various training programs, mentoring opportunities, and recognition awards.

The company also promotes a culture of social responsibility and community involvement by supporting various charitable causes and organizations.

Financial Details

EFAC is a financially sound and stable company that has been in business for over two years.

The company has a strong balance sheet and a solid capital base that enables it to meet its obligations and withstand market fluctuations.

It has an A- (Excellent) rating from A.M. Best Company, which reflects its adequate financial strength and operating performance.

The company has also maintained a consistent profitability record and a positive cash flow.


EFAC is a great option for lenders, homebuyers, and homeowners who are looking for reliable and affordable mortgage insurance coverage for their conventional loans.

By choosing them, you will not only save money and reduce risk but also gain access to comprehensive and flexible coverage that meets your specific needs and risks.

You will also receive excellent customer service and support from the experienced staff of EFAC.

If you want to take your mortgage insurance to the next level, contact EFAC today and see how they can help you.

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