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Do mortgage brokers really have exposures? You may wonder if your exposures are real or imagined. Take a look at some of the circumstances below that lead to claims. You decide — should you have professional liability coverage?
- The mortgage company alleges insured did not do proper background check.
- Application and paperwork is not submitted timely, resulting in a delay in the processing on the mortgage. Generally, it is alleged that the buyer missed out on a lower mortgage.
- Alleged misrepresentation of the amount of closing costs.
- Defamation/slander against particular mortgage companies and their financial stability.
- Alleged nondisclosure of a second mortgage on a property.
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