Mortgage Impairment is designed to save you money, time, and effort by simplifying the insurance process. The program requires only that you confirm adequate mortgagor insurance coverage at loan closing. There is no need thereafter to track the mortgagor's insurance coverage, or to react to known lapses, non-renewals, or cancellations of mortgagor coverage.
All real-estate secured loans, including first mortgages, second mortgages, home equity lines of credit, and commercial mortgages qualify for coverage. Mortgage Impairment protects your mortgage portfolio against:
- Property Loss Perils "Required" in the Loan Documents
- Errors and Omissions Liability Coverage for a Number of Loan Servicing Activities
- Additional Perils Not Required in the Loan Documents, and Not Normally Included in Most Personal or Commercial Property Policies Purchased by Borrowers (Flood and Collapse, For Example)