Our Mortgage Impairment Insurance program provides a safety net for unknown or unexpected losses by protecting a lender’s interest in the property from errors and omissions that may occur in the day-to-day origination and servicing of residential and commercial mortgage loans. Coverage includes physical damage and errors & omissions and complies with requirements of guaranty organizations like Fannie Mae, Freddie Mac, and Ginnie Mae.
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Our stand-alone Mortgage Impairment policy is one of the broadest available in today’s market.
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Every lender is unique, so coverage can be tailored accordingly. Generally, both the impairment and E&O coverages are included. Our stand-alone Mortgage Impairment policy can be written on a checking basis where the lender verifies borrower’s insurance at loan closing and annually for all first mortgage loans in the portfolio. This option keeps the lender in compliance with investor requirements.
An ex-checking option is available for lenders who wish to verify insurance at loan closing but only respond to cancellation or non-renewal notices thereafter. A blanket impairment option is also available for those lenders who choose to only verify insurance is in place at loan closing.
The policy can be bound for a one or three-year term. Discounts are offered on the three-year prepaid option, which may result in significant savings.
Our Finance Company more than tripled its insurance production and income in our first year … I attribute these results in a great part to the work done by Jeff at Red Rock Financial... I would highly recommend them to anyone in banking who would like to improve their bottom line.