Castle Rock Insurance Agency

Mortgage Protection Insurance

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Mortgage Protection Insurance for Financial Institutions

Mortgage Protection Insurance - Industry-specific coverages Financial Institutions can depend on.

Introducing Mortgage Protection Insurance because failing to properly protect your mortgage operations could affect your bottom line:

Mortgage Protection Insurance is designed specifically to Community Banks, Credit Unions and Mortgage Bankers with less than $2 Billion in assets under management*.

 

What does Mortgage Protection Insurance provide?

The Mortgage Protection Insurance Coverage helps protect lending institutions from losses related to mortgage financing.

  • Mortgage Impairment – Protects a lending institution's outstanding loan balance in the event the property owner fails to maintain adequate insurance

  • Lender's Errors or Omissions – Provides protection from lawsuits and damage claims related to administering and servicing mortgages, including Tax Administration, Insurance Placement, Recordation

Lending Institutions Need Mortgage Protection Insurance

  • Mortgage portfolios often represent more than half of most lending institution's total assets

  • Although you require borrowers to have insurance for their property prior to closing on a mortgage loan, what if that coverage is insufficient, lapses or becomes non-existent and a property loss occurs?

  • Required by the Government Sponsored Entities GSE's Fannie Mae, Ginnie Mae and Freddie Mac

  • Despite the best trained mortgage administration staff, errors and omissions can occur.

Why Mortgage Protection Insurance?

Mortgage Protection Insurance is designed to comprehensively protect your financial institution from exposures related to mortgage financing with key areas of coverage:

  • Protection for a mortgagee's or mortgage servicing agent's interest in the collateral securing the mortgages owned and/or serviced

  • Mortgagee’s Interest (Mortgage Impairment)

  • Mortgagee’s Liability

  • Mortgagee’s Errors or Omissions

  • The coverages and limits you need Protection for the collateral of the mortgages you own or service

  • Comprehensive liability coverage for mortgage servicing errors or omissions

  • Coverage for both residential and commercial mortgages

  • Specialized claims handling for Mortgage Protection losses

  • Comprehensive coverage for unintentional mortgage servicing errors or omissions

  • An "A+" Rated Carrier with trusted reputation and nearly 200 years in business


Mortgagee’s Interest Insurance

When a borrower fails to maintain proper insurance as required by the mortgage agreement, Mortgagee’s Interest (also referred to as Mortgage Impairment) protects your outstanding loan balance and accrued interest if a loss or physical damage occurs resulting from fire, wind, hail, flood and other specified perils as required in your mortgage contract.
  • Coverage automatically provided during ‘unknown’
  • insurance lapses
  • 90-day coverage window from the time you learn that a
  • property owner has failed to maintain insurance
  • Built-in coverage for Foreclosed Properties
  • Optional coverage for Mobile Homes
  • Optional coverage for Business Personal Property (BPP)
  • Option to add Trust Properties
  • Optional Seizure and Sale coverage

Also Available:

Mortgagee’s Errors or Omissions

If your financial institution services mortgages, Mortgagee’s Errors or Omissions provides protection from lawsuits and amage claims from borrowers, and other parties who have an interest in the mortgage, related to servicing errors or missions.

Errors or Omissions coverage, on a claims-made basis for claims arising out of:

  • Real Estate Tax Administration Services
  • Mortgage Life And Disability Insurance Placement Services
  • Mortgage Guaranty Insurance Placement Services
  • Document Custodial Services
  • Recordation Services

Claims Scenario: Your financial institution makes an error in accurately recording and releasing mortgages which have been sold to another entity. Mortgage Protection Insurance protects your business from claims by the secondary loan market or investors related to those properties.

The following are Eligible Classes for Financial Services Mortgage Insurance

INVESTMENT FIRMS

  • Security brokers, dealers and flotation companies

  • Commodity contracts brokers and dealers

  • Investment advisers

  • Services allied with the exchange of securities or commodities, NEC

  • Management investment offices, open-end (Mutual Fund Manager)

  • Investors, NEC (Venture Capital, Private Equity, Hedge Funds)

LENDING INSTITUTIONS

  • Banks, commercial: national

  • Banks, commercial: state

  • Banks, commercial: not chartered

  • Banks, savings: federal

  • Banks, savings: not federally chartered

  • Credit unions, federally chartered

  • Credit unions, not federally chartered

  • Branches and agencies of foreign banks

  • Foreign trade and international banking institutions

  • Non-deposit trust facilities

  • Function related to depository banking, not elsewhere classified

  • Personal credit institutions (credit card company)

  • Short-term business credit institutions, except agricultural

  • Miscellaneous business credit institutions

  • Mortgage bankers and loan correspondents

  • Offices of bank holding companies

INSURANCE COMPANIES

  • Life insurance

  • Accident and health insurance

  • Fire, marine and casualty insurance

  • Surety insurance

  • Title insurance

  • Pension, health and welfare funds

  • Insurance carriers, not elsewhere classified (Reinsurance)

* Mortgage Protection is pending availability in MA, NH, NY, TX, VA and is not available in AK, CA, FL, HI, LA and PR at this time.

Contact Us for more information on Mortgage Protection Insurance

Business Loans Benefit from a business loan with no application fee, no reporting to credit agencies and approvals in as few as 72 hours.

As many people have already found out, Castle Rock Insurance Agency is the best stop for a quote on Mortgage Protection Insurance.  We are the low cost solution for your Mortgage Protection Insurance Policy. Castle Rock Agency currently offers Mortgage Protection Insurance Coverage in New York, NY, New Jersey, NJ and Pennsylvania, PA.


Mortgage Protection Insurance for Financial Institutions

 

 
Friday, July 28, 2017
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