Errors and omissions – two of the costliest words in mortgage lending. Make sure your institution is protected from losses resulting from human error or oversight with van Wagenen’s Mortgage Impairment Insurance. Eight types of coverage provide comprehensive protection for mortgage holders, fiduciaries or servicing agencies:
- Physical loss or damage from “required perils”
- Real Estate Tax Liability
- Life and Disability Insurance
- Flood Disaster Act 1973 Liability
- GNMA Procedures
- Physical Loss or Damage from Balance of Perils
- Loss of Mortgage Guarantee Coverage
It’s a cliché: people make mistakes. But with van Wagenen, you won’t have to pay for them.
Eight types of coverage provide comprehensive protection for mortgage holders, mortgage fiduciaries
or mortgage servicing agencies:
- Physical loss or damage from “required perils”: Covers loss to the insured’s interest through
the uncollectability or nonexistence of insurance against perils that are required to be purchased by the borrower, including mandatory flood and earthquake insurance in the insured’s loan closing procedures.
- Liability: Covers errors and omissions on a claims-made basis relating to the insured’s handling of physical damage insurance and homeowners insurance covering the real property of borrowers. The insured’s defense costs are also provided for within the limits.
- Real Estate Tax Liability: Covers the insured against errors and omissions relating to non-payment
of real estate tax by the insured on behalf of a borrower.
- Life and Disability Insurance: Covers the insured against errors and omissions arising out of the insured’s procurement and maintenance of life and disability insurance on behalf of a borrower.
- Flood Disaster Act 1973 Liability: Covers the insured against errors and omissions claims arising
out of the insured’s duty to determine whether or not a particular property is in a flood zone.
- GNMA Procedures: Covers the insured, as a mortgage servicer, against errors and omissions should
the insured fail to comply with GNMA procedures which result in a guarantee being lost.
- Physical Loss or Damage from Balance of Perils: Provides insurance should the security for the loan suffer a physical loss from any other cause other than the required perils and the insured be unable to recover the loan from the borrower.
- Loss of Mortgage Guarantee Coverage: In the event you should fail to provide proper notice of loans in arrears to your mortgage guarantee provider and coverage is denied, your losses will be covered (including: Veterans Administration, Federal Housing Administration, Small Business Administration and private mortgage loans).