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Mortgage banking businesses specialize in providing real estate loans to their customers. Loan money originates from the mortgage banker or an outside lender utilized by the mortgage banker. Mortgage bankers may also service escrows, sell mortgage loans to investors and service real estate construction loans.

General Liability Insurance for Mortgage Bankers – Since many mortgage bankers do not see clients at the bankers’ offices, premises liability may not be a concern. However, if mortgage bankers do conduct business in person on their premises, liability lawsuits resulting from injuries can occur. Stairs, elevators, floors and parking lots that are in poor condition can potentially cause injuries. Floors should be vacuumed and/or swept daily and walk spaces between objects such as furniture, displays, and walls should be adequate for easy passage and no electrical or phone wires should transverse walkways. All furniture and displays should have smooth surfaces that are free of defects such as sharp corners, exposed nails/screws/metal, splinters cracked glass, etc. All furniture and displays should be stable to avoid any tip over hazard. Lawsuits may also arise if mortgage bankers are not careful about keeping their clients’ information confidential.

Workers’ Compensation Insurance for Mortgage Bankers – Since the atmosphere of mortgage banker companies is similar to that of most offices, Workers’ Compensation risks are typically limited to injuries due to the repetitive movements during clerical duties. Slips/trips/falls, furniture/display, electrical shocks, and shelving collapse injuries can be prevented by following the same practices to protect against similar injuries to visitors as outlined under the General Liability section. Stools and stepladders used for reaching objects high on shelves can pose a serious injury hazard as well.

Business Auto Insurance for Mortgage Bankers – If workers employeed by mortgage bankers are required to drive vehicles for business purposes, whether they be owned by the company or employee, then auto liability risks are a concern. Risk controls should be implemented by running MVRs on all drivers prior to driver status and driving records should be checked each year thereafter. Drivers operating their own vehicles should be required to carry sufficient Personal Auto Liability limits and policies should be verified at expiration and renewal dates.

Property Insurance for Mortgage Bankers – As in most office settings, fires may occur on mortgage bankers premises if electrical systems pose hazards. Flames may destroy important documents if fireproof filing cabinets are not used. Specialized inland marine property coverages will likely be needed such as valuable papers and records; fine arts; electronic data processing hardware, software, media, and information; personal property of others; glass coverage; and sign coverage.

Crime Insurance for Mortgage Bankers – Monetary loss can occur in mortgage banking businesses due to theft by dishonest employees, computer fraud or any financial transaction that is not monitored by an outside source. A separation of duties in the client transaction process can also reduce the possibility of skimming client payments or outright collusion with clients for the purposes of receiving illegal kickbacks. No single employee should control all aspects of the transaction including taking the application, approval, receiving payment, depositing, and billing into the accounting system.