Errors and Omissions (E&O) Insurance | Mortgage Brokers | Mortgage Bankers

CB Malaga Insurance Services LLC provides errors & omissions (E&O) insurance to mortgage brokers and mortgage bankers offering all types of residential and commercial loans.

What's the Difference between Mortgage Brokers and Mortgage Bankers?

Mortgage brokers and mortgage bankers perform essentially the same tasks. The major difference between the two is that mortgage bankers provide the funds for the loans they make while mortgage brokers do not use their own funds and act solely as the intermediary between the lender and the borrower.

Another difference is that mortgage brokers have access to multiple lenders and can offer their customers various options while mortgage bankers typically only offer their own loans.

Why Should Mortgage Brokers and Mortgage Bankers Carry E&O Insurance?

Mortgage brokers must complete mutiple steps and tasks between the loan origination and loan closing. Any error or omission (whether real or perceived) made by a mortgage broker during that process could give rise to an E&O claim.

In fact, mortgage brokers and mortgage bankers can be sued for a variety of reasons regarding any problem that may occur in a real estate transaction, even if no error or omission was made. This type of lawsuit typically involved the plaintiff naming all parties in a real estate transaction, including the real estate broker, the title company, the escrow company, and the mortgage broker.

Whether the lawsuit is justified or not, mortgage brokers and mortgage bankers face costly litigation and the possibility of having to pay significant damages. It is therefore vital for mortgage brokers and mortgage bankers to have the proper E&O insurance protection.

CB Malaga Insurance Services LLC understands that mortgage brokers and mortgage bankers want the proper E&O insurance protection at the right price. This is why we will provide you with E&O insurance quotes for multiple insurance companies so you can decide which one makes sense to you.

Call us at 1-877-245-5887 if you have any questions or wish to discuss your E&O insurance needs. We're looking forward to earning your business.

Providing professional liability insurance and errors and omissions insurance to mortgage brokers and mortgage bankers