Mortgage Bankers/Brokers
The mortgage banking industry is one of the most important sources of residential and commercial mortgage credit. Their specialized service and knowledge plays an important role in our economy by moving financial capital throughout the country to meet the demands of local communities. This kind of visibility coupled with the complexity of real estate financing transactions also makes this industry a target for claims.
Professional Liability insurance covers a firm’s defense costs and legal liability for alleged or actual wrongful acts made during the origination, sale, and servicing of mortgages. Origination is the process by which a mortgage lender creates a mortgage. This process includes not only finding an investor for a borrower, but also processing the loan documents, arranging for the property appraisal, underwriting and recording the transaction in accordance with local laws.
Servicing consists of collecting the payments, forwarding the proceeds to investors, maintaining escrow accounts for payment of taxes and insurance and acting as the investors’ representative if any problems arise with the loans.
Eligible Accounts:
No Restrictions.
Firms experiencing special situations including insurance company cancellations or non renewals due to unfavorable claims experience.
Coverage:
- Admitted and Non-Admitted Insurance Companies
- Limits: Primary and Excess limits are available
- Coverage can be packaged with the Financial Institution Blanket Bond
Applications:
Mortgage Bankers Professional Liability/Bond Application
Mortgage Bankers Bond Supplemental Application
Claim/Circumstance/Administrative Hearing Supplement
Sub Prime Lending Supplemental Application
Other Coverages:
Financial Institution Blanket Bond and Commercial Crime Insurance.
Other coverages that comprise the Hull & Company, Inc. (RFO) practice are also appropriate.
All insurance product and/or coverage descriptions are informational only. It is neither an offer to sell nor a solicitation to purchase any particular insurance product. Coverage may not be available in all jurisdictions.