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Professional Liability for Mortgage Brokers
Mortgage brokers help their customers own their own home. Your clients trust you to protect them from complications that can arise in the mortgage process and they trust you to get them the best deal possible on their home loans. If you make a professional mistake, your client may sue your company for financial losses and hardships they believe you caused. Protect your company from these potential issues by carrying mortgage brokers professional liability insurance.
Mortgage brokers professional liability insurance is also known as errors and omissions, or E&O coverage. This insurance is designed to protect your company from financial and legal problems when lawsuits arise. Whether your company makes a professional mistake or not, if a customer files a lawsuit alleging that you did, you must address the issue. Dealing with legal actions can cost your company in both time and money. Without the proper protection, you will have to pay the funds and losses in time out of your own pocket.
For example, if your company accidentally forgets to sign and date a mortgage loan application on behalf of a client, that client may lose out on the chance to purchase their dream home. They may sue your company for pain and suffering or for financial losses if they are forced to make a higher offer on the property. Mortgage brokers professional liability insurance can help pay for the legal and financial burdens that arise due to a lawsuit of this sort.
Depending upon the scope of your mortgage brokers professional liability policy, this coverage can pay for your litigation expenses and time lost from work. It can also pay settlements and awards to clients when necessary.