The program will be offered on an admitted basis nationwide except for Alaska and Hawaii. The new policy will provide a broad definition of professional mortgage services along with sub-limits for violations of several consumer protection acts.

“We believe the industry has been underserved with limited options for Mortgage Brokers and are excited to fill this gap. The small to mid-sized Mortgage Broker is still paying the price for sins committed by others prior to 2008. It is time to provide the sector with an insurance program designed to address exposures specific to Mortgage Brokers, at competitive prices,” said Matt Nangle, CEO and President of BNK Insurance Services.

Benefits and advantages of the Mortgage Brokers Errors and Omissions Program include:

• Broad definition of professional mortgage services includes counseling, processing, marketing, selling servicing, underwriting and warehousing of mortgage loans
• 50% deductible reduction for mediation/arbitration claim settlement, up to $10,000
• Sublimit for Fair Debt Collection Practices Act (FDCPA) or Fair Credit Reporting Act (FCRA) violations
• Sublimit for third party discrimination coverage for violation of Federal Housing Administration (FHA) or Equal Credit Act
• Sublimit for Telephone Consumer Protection Act (TCPA) violations
• Sublimit for Real Estate Settlement and Procedures Act (RESPA) violations
• Team of insurance professionals dedicated to the Mortgage Broker Industry

About BNK Insurance Services
BNK Insurance is a managing general agency that specializes in professional liability (E&O) insurance for niche industries throughout the United States. BNK was founded with one idea: combine relationships with technology to deliver top notch insurance programs to market. We achieved this by investing in the latest system infrastructures and focusing on serving our agents, never forgetting that success is accomplished by building and maintaining strong personal relationships-not just systems.

BNK’s executive leadership team brings almost 50 years’ experience with Retail, MGA, Underwriting and Claims background. Our goal is to deliver specialty insurance programs by combining cutting edge technology with old fashioned customer service. For more information, BNK Insurance can be contact at 972-244-4370 or www.bnkins.com.