Errors and Omissions Insurance for Mortgage Bankers and Brokers
Axis Insurance provides customized, comprehensive Errors & Omissions (E&O) insurance programs for both mortgage bankers and brokers. Mortgage bankers represent a bank or financial institution that provides individuals with the funds for the loans. Mortgage brokers do not use their own funds and serve as intermediaries between the lender and borrower. 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.
Mortgage Bankers E&O Insurance
There is a great deal involved in processing a loan with the potential for a claim or litigation if a customer emerges dissatisfied. Axis offers Mortgage Bankers E&O insurance, also known as Professional Liability insurance, that is tailored to individual risks – whether you offer multiple professional services or focus on one area. E&O coverage is designed to protect you from mistakes that can occur during the entire loan process – from the origination through the closing of a loan. With an E&O policy, you receive defense and indemnity coverage, saving you the cost of defending and settling allegations of negligence, even if the allegations are meritless.
- Title Agents
- Processors and Abstractors
- Escrow Agents
- Independent Contractors
- Innocent insured coverage for dishonest acts
- Coverage for independent contractors
- Claims relating to discrimination
- Claims relating to yield spread
- Claims relating to subprime loans
- Claims relating to fraud in the submission of an application
Axis has built an impeccable reputation in offering Professional and Management Liability insurance solutions for all types of professional service companies and their employees. We have established strong relationships in the insurance market enabling us to build custom coverage solutions that fit the risk profile of each of our clients.
Mortgage Brokers E&O Insurance
Mortgage brokers throughout the entire loan process must complete multiple steps. Any error or omission (whether real or perceived) made by a mortgage broker during that process could give rise to an E&O claim. Our Mortgage Brokers E&O insurance solution offers customized coverage to protect you in the event of a lawsuit alleging negligence in providing or failing to provide your professional services. These types of lawsuits could result in costly litigation and the possibility of having to pay significant damages. It’s important to note that E&O coverage is often confused with General Liability insurance. However, General Liability policies do not typically cover the professional services your firm provides.
- Options for separate limits for defense and indemnity
- Coverage for innocent insureds
- Coverage for independent contractors
- Coverage for pollution-related claims
- Coverage for claims relating to discrimination
- Ability to purchase an extended reporting endorsement
- Programs for commercial lenders and distressed risks available
The Axis professionals specialize in providing Mortgage Brokers E&O insurance, offering you options to help make an informed decision on a policy that will protect you against the specific exposures you face. We work with leading insurance carriers in the E&O market that provide competitive rates and enable us to customize a policy that addresses your risk profile.
Why You Need Cyber Insurance
Large or small, breaches can lead to expenses such as having to contract with breach response teams and breach coaches and pay for notification and litigation costs. Now, more than ever, cyber breaches are a common occurrence across all industries, including the mortgage industry. Companies of all types and sizes are targets of cyber attacks, not just big-name, high-profile firms. 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:
- You collect personal data from customers
- You work with banking statements
- You need to make sure they secure their digital assets
Protecting you from professional liability is our focus
Let us design a proper Mortgage Banker or Mortgage Brokers Errors and Omissions insurance
policy for you today. Please feel free to call to discuss your company’s needs with one of our licensed professionals.