Mortgage brokers are people who work hard for the clients and customers they serve. Some brokers service individuals and families to finance first homes, a home to retire in, or a home to raise a family in. Other mortgage professionals work with commercial clients to finance business locations, property for development, or expansion projects. The one thing all mortgage brokers have in common is the need for a Mortgage Impairment Errors and Omissions Insurance policy. Because all mortgage professionals need this policy, you need to be certain that your insurance company is there to provide it to them.
Bankers, real estate agents, mortgage brokers, and other real estate professionals have to create complex contracts before any property deal can move forward; this is true no matter what kind of building or property is being sold. These contracts are very complex because they have to address the myriad concerns of all parties involved in the contract. As a result, mistakes are sometimes made. The contents of the contract may contain inaccurate information or typos; it’s even possible for information to be left out entirely. The professionals involved in the creation of one of these contracts are only human so it’s inevitable that a mistake will eventually be made. A Mortgage Impairment Errors and Omissions Insurance policy is going to address this eventuality.
A problem in a contract can hold back the mortgage approval process for months or even longer. No one wants to put off moving into their new home or halting their business plans just because of a contract error. Your customers want to know that your company is there to help their business succeed, so make sure that you can offer them a Mortgage Impairment Errors and Omissions Insurance policy.