We offer errors and omissions (E&O) insurance, also known as professional liability insurance, to mortgage brokers in Minnesota.
Our goal is to provide you with excellent service by providing you with E&O insurance coverage promptly at a reasonable cost. The E&O insurance coverage we offer mortgage brokers is available from multiple
highly rated insurance companies.
Call us at 1-877-245-5887 if you have any questions or wish to discuss your E&O insurance needs. We're looking forward to earning your business.
Why do Minnesota Mortgage Brokers need E&O Insurance?
Minnesota mortgage brokers can be sued for a variety of reasons regarding any problem that may occur between loan origination and closing.
Even if a mortgage broker in Minnesota acted professionally and in good faith during a transaction, he or she can still be sued and could easily face tens
of thousands of dollars just in defense cost.
It is therefore vital for Minnesota mortgage brokers to have the proper E&O insurance protection.
What Tasks Are Involved in Working as a Mortgage Broker in Minnesota?
The process from loan origination to loan closing involves mutiple steps and tasks. Any error or omission made by a mortgage broker in Minnesota during the process can give rise to an E&O claim.
Some of the steps and tasks involved include the following:*
Advising clients regarding types of loans
Providing good faith estimates
Documenting loan file
Loan prequalification and preapproval
Interest rate locks
* The coverage offered is subject to limitations and exclusions. Please refer to the actual insurance policy for details regarding coverage, exclusions, and limitations.
What Coverage does an E&O Policy provide Minnesota Mortgage Brokers?
Errors and omissions insurance provides coverage for claims made against mortgage brokers by reason of an error or omission in the performance of