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Harris Insurance

Harris Insurance of Florida: Auto, Homeowner, Business, Life, Watercraft, More

Professional Liability for Mortgage Professionals

Mortgage Brokers Professional Liability

Have you heard of Mortgage Impairment Protection? Mortgage Impairment covers errors and omissions in the day to day origination and servicing of loans. Things such as failing to pay real estate taxes, errors in determining if a property is in a flood zone, and title errors, just to name a few. Harris Insurance offers a Mortgage Brokers Protection Policy that provides a safety net for unknown or unexpected losses by protecting the lenders interest in the property for errors and omissions that may occur in the origination and servicing of residential and commercial mortgage loans. Coverage includes physical damage and errors and omissions and complies with requirements of guaranty organizations like Fannie Mae, Freddie Mac, and Ginnie Mae. Our policy is one of the broadest forms available in today’s market.

When compared to other Mortgage Impairment policies, our policy:

  • Provides coverage above that required by Fannie Mae and Freddie Mac
  • Eliminates many of the requirements by other insurance companies such as
  • No requirement of the lender to maintain borrower’s original insurance policy
  • Lender can determine their own process for keeping records of borrower’s insurance
  • Lender determines tracking process to suit their business needs
  • Includes coverage for flood whether a required peril or not, water back up, collapse, and earthquake
  • Includes liability coverage on escrowed loans if borrower’s insurance included it
  • Covers physical damage for REOs 90 days after foreclosure Customizable Options Since each lender is unique, coverage can be tailored accordingly. Generally, both the impairment and E&O coverages are included. Our Mortgage Impairment policy can be written on a checking basis where the lender verifies borrower’s insurance at loan closing and annually for all first mortgage loans in the portfolio. This option keeps the lender in compliance with investor requirements. An Ex-checking option is available should the lender wish to verify insurance at loan closing but only respond to cancellation or non-renewal notices thereafter. A blanket impairment option is also available for those lenders who choose to only verify insurance is in place at loan closing. The policy can be bound for a one or threeyear term. Discounts are offered on the three-year prepaid option, which may result in significant savings.
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Legal notice: This is a general broad description of insurance coverages. These statements do not amend, modify or supplement any insurance policy. Information described herein or anywhere on this website is not intended to be indicative of coverage you may have purchased or coverage which may or may not be available to you by the insurance company providing coverage. Always read your policy for coverage details, descriptions, conditions and exclusions that may be applicable to you.