MORTGAGE
IMPAIRMENT
MORTGAGE
E&O
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A policy
(usually a single policy) which protects the
financial institution against loss from various
errors and omissions in the course of its mortgage
loan processing duties. This includes first
mortgages, commercial loans, equity loans, and -
when endorsed - trust properties Program
Features:
- Coverage up to $20 million in the standard
program
- Competitive Pricing
- Simple Policy Language
- 3 year pre-pay policies available with
substantial premium discount
- Discounted premium rate for "checking" of
insurance expiration dates
- Coverage meets Federal and Secondary
Marketing requirements
- No requirement to maintain copies of
insurance policies
- 365 day cancellation clause option
- centralized claims processing
- continuity from prior carrier
- Will quote from Brief Questionnaire,
bypassing the need to complete a full
application (however, the full application will
be required, should the quote be accepted)
- Handling of Escrowed Hazard Insurance
Premiums
- Handling of Mortgage Cancellation and
Disability Insurance
- Handling of Real Estate Taxes
- Compliant with Secondary Market Requirements
- Requirements of FHA, VA, SBA, and PMI
Companies
- GNMA Requirements
- "Third Party' Discrimination Lawsuits
Covered
- Earthquake and Pollution
Coverage (see policy)
- 90 Day Automatic Coverage Period
- Optional "All Risk" Coverage
- Local Claims Adjusting
- Real Estate Tax Extension
- Post Termination Extension
- Legal Assistance in The Prosecution of
Claims
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