Any financial duty placed on an insured, specifically Mortgage Brokers, can lead to a few specific types of claims. Most typical for mortgage brokers involve:
Failure to properly qualify applicant who subsequently was delinquent
Failure to properly advise client of risks
Failure to properly review loan documents
Even if you’ve done everything right, you can still be named in a frivolous lawsuit. Having Mortgage Broker E&O will help you avoid paying those defense costs yourself.
This blog/website is made available by CRES Insurance Services for educational purposes to give you general information and understanding of legal risks and insurance options, not to provide specific legal advice. This blog/website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. Claims examples are for illustrative purposes only. Read your policy for a complete description of what is covered and excluded.
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