Errors and Omissions Insurance for Mortgage Bankers and Brokers
Our Mortgage Bankers errors and omissions insurance (E&O) programs are specifically tailored to each mortgage banker or broker. Our errors and omissions insurance for mortgage bankers covers a wide variety of services at a reasonable premium.
What is Mortgage Brokers Errors & Omissions (E&O) Liability Insurance?
Mortgage Brokers Errors & Omissions (E&O) Liability Insurance can provide coverage for your company in the event of a lawsuit brought against it for claiming negligence in providing or failing to provide your professional services. E&O insurance steps in on covered claims to assist in the company’s defense and protects your firm from bearing the full financial responsibility of the lawsuit. This coverage is often confused with General Liability Insurance. However, General Liability policies do not typically cover the professional services your firm provides.
Difference Between Mortgage Banker vs a Mortgage Broker
A mortgage banker represents a bank or financial institution that provides someone with money for a loan. A mortgage broker works with a large amount of individuals who are in search for a loan. According to Homesite Mortgage, Brokers have access to multiple mortgage companies and more access to different types of loans. They also can accept a loan application and quote rates and fees to the applicant. A mortgage banker processes and approves loan applications using its own funds.
Why You Need Cyber Insurance
Large or small, breaches can lead to expenses such as breach response teams, breach coaches, notification costs, and litigation costs. Now, more than ever, cyber breaches are a common occurrence across all industries. Companies of all types and sizes are targets of cyber attacks, not just big-name companies. Without the proper coverage, these expenses could be detrimental to pay out of pocket.
Mortgage Bankers and Mortgage Brokers need to have cyber insurance because :
- They collect personal data from customers
- They work with banking statements
- They need to make sure they secure their digital assets