Mortgage Brokers v. Mortgage Bankers

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Tomorrow’s Knowledge Knugget will address the difference between mortgage brokers and mortgage bankers both in exposure and in coverage availability.  Mortgage bankers being incorrectly — or inadequately — insured as mortgage brokers is not uncommon.  But even more common are carriers saying they’ll write “mortgage brokers/bankers” when in fact they will only write the mortgage brokers.  This perpetuates confusion for the agency plant as to what’s acceptable to submit, what coverage is available, and what, if any, difference there is between the two.  Sign up for Knowledge Knuggets to get the answers!  (If you miss the cut-off and don’t receive the 7/29 Knugget, email me separately, and I’ll send it to you.  chrisc [at] usrisk [dot] com.)

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