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These individuals are independent brokers who match prospective real estate buyers with mortgage loans offered by separate lenders. Their activities include marketing themselves to buyers, investigating the backgrounds of buyers, locating mortgage loans that fit their clients' needs, completing paperwork and submitting materials to lenders. As independent contractors, they do not work directly for any particular lenders.

General Liability Insurance for Mortgage Brokers – The risk of on-site injuries occurring depends on whether or not customers visit the mortgage broker’s office. If so, property elements that are in poor condition can cause injury. Walk spaces between objects, such as furniture, displays, and walls, should be adequate for easy passage. Mats or tape should secure electrical wires and phone cords in order to prevent trip and fall hazards. Lawsuits may also arise if customers’ information is not kept confidential.

Errors and Omissions Insurance for Mortgage Brokers – Lawsuits can arise if mortgage brokers make errors during transactions. This can especially occur if monitoring procedures are not in place.

Workers’ Compensation Insurance for Mortgage Brokers – The primary workers’ compensation concern is repetitive motion injuries caused by clerical activities. Electrical shocks, back injuries, and falls from stools and stepladders are also workers’ compensation risks for mortgage brokers and their employees.

Business Auto Insurance for Mortgage Brokers – Automobile accidents are a possibility if workers drive to off-site, work-related activities. Vehicles are typically owned by the company or by employees. The risk of an accident is elevated if employees do not have valid drivers licenses or if policies are not in place regarding taking company-owned vehicles home. If mortgage brokers or their employees use their own vehicles for business travel, they should carry Personal Auto Liability insurance with a minimum of $300,000 combined single limits.

Property Insurance for Mortgage Brokers – The offices of mortgage brokers are at risk of fire, as with any office. The principal fire loads include paper files, books, manuals, furniture, and cleaning supplies. Combustible cleaning supplies should be stored in limited amounts away from paper items. The risk of losing property due to fire is higher if electrical equipment is not installed or maintained properly or if papers are not stored in fireproof cabinets. Data may be lost if it is not duplicated and stored at a separate location.

Crime Insurance for Mortgage Brokers – Crimes at mortgage brokers’ offices are typically the fault of employees, who may access accounts to steal money from the company. Computer fraud may also be a concern. If the company’s books are not regularly audited by individuals who are not affiliated with the company, the risk of crime may be elevated. One of the most important controls used in preventing embezzlement by dishonest employees is to require prospective employees of mortgage brokerage firms to be screened prior with detailed applications, reference checks, and background checks.