The residential real estate market is booming in many areas across the nation. With more homes bought, the need for mortgage brokers has risen to handle the workload. But what are mortgage broker insurance requirements?
Errors and Omission
An errors and omission insurance policy protects your brokerage when you make an error or omit a piece of information or the client loses money. The policy steps in when you are sued to help cover the financial costs of the lawsuit and any settlements.
Most mortgage brokers rent or own office space to work out of. A commercial property policy protects the business if someone is injured or dies while on the property. In addition, if a person’s property is damaged while on the premises, they may sue your business for the repairs or replacement costs.
With business requiring an online presence these days, it is important for mortgage brokers to have a cyber insurance policy. Your company handles the personal data of individuals. If a hack compromises that data, you could be sued.
Once you meet the mortgage broker insurance requirements, you are ready to handle the growing number of individuals ready to purchase a home. Brokers offer a service essential to allowing homeowners the best chance of the lowest rate.