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| 200 East Randolph Street |
| 8th Floor Chicago, IL 60601 |
| Telephone: (800) 323-2743 |
| Facsimile: (312) 381-6195 |
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Bankers Insurance Service - Mortgage Impairment
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| Downloadable Forms |
| MIB Product Fact Sheet [PDF] |
| Mortgage Banker/Broker Insurance Needs [PDF] |
| Who to Contact |
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| Product Details |
The Mortgage Investor Third-Party Fidelity Policy includes coverage for dishonest and fraudulent conduct by Mortgage Bankers/Brokers as well as providing an expansive Fraudulent Mortgages coverage for loans from third-party originators and counterparties that a Mortgage Investor would engage and contract with to fund mortgage loans.
The Policy includes two primary insurance clauses: Fidelity and Fraudulent Mortgages.
The Fidelity clause covers the dishonest acts of third-party mortgage bankers and brokers with whom the Mortgage Investor has a contractual relationship to fund or purchase loans. The policy form is specifically designed to protect the Mortgage Investor when a mortgage banker/broker is directly involved in a mortgage fraud scheme that results in a loss to the Mortgage Investor.
This is a unique extension of coverage as traditional fidelity bonds limit coverage to the dishonest acts of employees of the insured entity only.
The Fraudulent Mortgage clause provides a much more comprehensive grant of coverage for fraudulent mortgages than traditionally found in fidelity bonds. This clause insures direct financial loss to the Mortgage Investor resulting from the mortgage banker/broker having reasonably relied upon certain dishonest or misleading documents in the decision to underwrite or fund a mortgage loan.
This coverage is very broad and accordingly is underwritten on a catastrophic basis with seven figure deductibles and eight figure limits.
We can offer limits up to $100,000,000 through our Mortgage Investor Third-Party Fidelity Program with higher limits available based upon client needs and market conditions. |
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If you would like additional information, please contact Tom Delaney | | |
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