Minnesota E&O Insurance for Mortgage Brokers
We offer errors and omissions (E&O) insurance, also known as professional liability insurance, to mortgage brokers and mortgage bankers 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 Minnesota mortgage brokers is available from multiple highly rated insurance companies.
E&O insurance coverage is available to mortgage brokers who provide residential loans, commercial loans, reverse mortgages, and hard money mortgage loans.
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 during the process can give rise to an E&O claim.
Some of the steps and tasks involved include the following:*
* The coverage offered is subject to limitations and exclusions. Please refer to the actual insurance policy for details regarding coverage, exclusions, and limitations.
- Advising clients regarding types of loans
- Loan application
- Loan qualification
- Loan processing
- Loan underwriting
- Loan closing
- Providing disclosures
- Providing good faith estimates
- Documenting loan file
- Loan prequalification and preapproval
- Interest rate locks
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 professional services.