Mortgage Originators and Servicers Package Policy
Printable Fact Sheet (PDF)
Printable Application Form (PDF)
|
Program Summary |
|
| |
GP3 combines three vitally important insurance coverages into one single policy form to help financial professionals who originate and service mortgage loans to avoid unforeseen coverage gaps. It also insures all eligible properties in one, easy to read policy. | |
|
Advantages |
|
|
One policy form covers three traditionally separate policies into one proven delivery/reporting system |
|
Eliminates potential gaps and overlaps in mortgage portfolio risk protection |
|
Pooled loss experience of coverage parts (historically considered separately) provides a more accurate premium calculation based on mortgage portfolio management | |
|
Available Coverages |
|
| Through one convenient, integrated GP3 package, qualifying financial professionals can obtain: |
|
Mortgage impairment/Mortgagee's errors and omissions |
|
Foreclosed/Real estate owned (REO) property and liability |
|
Force placed hazard and flood insurance | |
|
Special Features |
|
|
Policy written on an ex-checking basis (insurance at origination only) |
|
Automated force placed/REO reporting |
|
REO reporting provided on a blanket basis and calculated on outstanding loan balance |
|
Written using mortgage banking language |
|
Satisfies E&O insurance requirements of FNMA, FHLM, FNMA, FHA, warehouse lenders and private investors | |
|
Eligible Insured's |
|
| |
Mortgage banks, commercial banks, savings and loans, credit unions, insurance companies or any investor(s) with a collateral interest in mortgage property | |
|
Carrier |
|
| |
GP3 coverage is underwritten by Lloyd's of London and is rated "A" (Excellent) by A.M. Best Company. | |
For additional information please contact us.
The above information provides only a general description of the coverage afforded in the policies offered and should not be considered as altering the insuring agreements, terms, conditions, exclusions and endorsements of the policy itself. Please read the provisions contained in the actual policies and discuss them with your insurance professional.