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
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
* 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
professional services.
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