Professional Liability
Also known as "Errors & Omissions" or "Malpractice"
insurance, the demand for this coverage is one of the greatest in the new
"service economy". As Mortgage Brokers and Bankers hold themselves out to be
professionals, more is required of them. Many of them have been sued for
"failing to meet the standards of their profession". The great hidden cost of
such suits are the legal fees paid to defense attorneys. These can amount to
tens of thousands of dollars. And every professional is vulnerable to this type
of claim.
At Oxley & Goldburn, we provide this coverage for
professionals in a variety of fields. While our primary focus is the Mortgage
Broker and Banker community, we work with all professionals from medical and
legal to title agent and credit reporting.
Due to our experience in this field, the staff at O&G
understands the requirements and subtleties of this product. Our name is a
fixture at association trade shows across the country. We strive to provide
quality products with excellent customer service at a reasonable price.
Errors & Omissions
Mortgage Brokers and Bankers
Legal Defense Coverage
Included
Exclusive to Oxley & Goldburn Insurance Inc.
Apply directly here online or have your Insurance Agent contact us.
We offer an exclusive Errors & Omissions Insurance policy
with comprehensive coverage and competitive prices. Accepted by Fannie Mae,
Freddie Mac, and warehouse lenders across the nation.
Our policy was specifically designed for the exposures of
Mortgage Brokers & Bankers. The policy wording provides detailed coverage
for professional services such as:
- Originations
- Pooling
- Processing
- Underwriting
- Originations via the Internet
- Loan Repurchasing Warehousing
|
- Loan Valuation & Due Diligence
- Escrowing
- Loan Reselling
- Loan Servicing
|
Other Features:
- Defense coverage for fee disputes
- Defective title or deeds
- Coverage for independent Contractors or leased employees
Optional Features Included:
- Loss Payee Endorsement - enables you to add your warehouse,
lender or investor
- Coverage for mortgage interest as well as your liability to
mortgage investors when claims occur due to flood zone determination, tax
payments and and uninsured property losses
- Coverage of Directors and Officers, Employment Practices,
Liability, Entity Liability, and Fiduciary Liability.
CLICK HERE TO APPLY!
Nationwide Mortgage Licensing Services
Our firm specializes in providing affordable multi-state
licensing services to mortgage brokers and lenders seeking to do business in
any states. Our mission is to simplify the regulatory process by assisting
clients in obtaining the appropriate license, loans in any state.
Our Mission
From start to finish, Oxley & Goldburn provides a
no-nonsense approach to the licensing process. We understand the intricacies of
the different licensing requirements in each state and make the process of
getting licensed easy.
Use this link to see our list of state
licenses.
The State Requirement
Mortgage License Bonds are the "Surety Bonds" required in most
states to obtain a license. The bond is a guarantee to the State Regulatory
Commission that your company will faithfully follow the state law. It is a
financial guarantee for an amount determined by each state.
Why Come To Us
We understand the mortgage business. Several states have consulted
with O&G in regard to their own bond requirements. We developed
an exclusive bond program for which we are the National Administrator.We
are the largest provider of Mortgage License Bonds in the country!
The Cost
We charge $6.50 to $15 per $1000 of required bond amount. The
finalized rate is determined by the following factors:
- The state which you are requesting bonding
- Background & experience review
- Financial stability review
Buyer Beware
Some insurance brokers and agents say they can provide mortgage
license bonds. We have seen them come and go over the years. One claim shocks
the insurance company and they tighten underwriting or stop providing these
bonds. We will gladly give you names and numbers of our stable competitors. We
feel we must earn your business and confidence.
References
Our exclusive Mortgage Bond and Errors & Omissions program
is endorsed by trade associations across the country. We provide our products
to thousands of Mortgage Brokers & Lenders. We can provide you with names
of businesses we serve in your area, letter of endorsements from Mortgage Trade
Associations and recognitions from State Banking Commissions.
