The Mortgage Bankers Bond (MBB)

The Mortgage Bankers Bond (MBB) was developed for Mortgage Companies and provides Fidelity Crime Bond Protection. Employee dishonesty and Investor Required "E&O" are the two key coverages required by most "Investors", but the bond also includes forgery protection, transit loss protection and other coverages.

• Fidelity Coverage for loss from employee dishonesty as well as from closing attorney agent, can also cover Independent Contractors and/or Servicing Contractors.
• Coverage for theft of mortgage investors and warehouse lenders money or collateral as required by Fannie Mae, Freddie Mac or Ginnie Mae satisfying industry standards and most mortgage investors requirements.
• Coverage includes specified Investor required Errors and Omissions coverage mostly related to servicing the loan; even though some mortgage bankers do not service loans, this is often still required by most Loan Investors such as Fannie Mae, Ginnie Mae, Freddie Mac and others.

Note that a professional liability policy cannot normally provide this coverage as the coverage requires first party protection in certain cases and most professional liability policies only protect against third party law suits.

CLAIM DETERMINATION...Any claim is subject to the actual policy wording/endorsements and the coverage for a claim shall be determined using the policy wording.

SUA forms require the free Adobe Acrobat reader. Download it here.