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Take precautions against potential mortgage missteps now.

Inevitably, borrower oversights and operational gaps can lead to lender risk. A homeowner on the coast inadvertently fails to secure flood or wind coverage before a major hurricane hits. A commercial borrower cancels their insurance policy days before their warehouse burns to the ground in a fire. A flood destroys collateral that was not in a special flood hazard area. The worst part? Your credit union holds the mortgage on all these properties.

How do you ensure your borrower insurance tracking operations and certain origination activities are protected against mistakes? Or, that the value of your loan is protected when your customer doesn’t secure the right coverage? The answer to mortgage lender risks is Mortgage Impairment (MI) coverage.

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