Mortgage Repurchase Insurance
What it is
Protects mortgage originator from losses stemming from loans contractually required to be repurchased by the investor.
Scratch and dent
Types of loans covered
Both QM and non-QM loans.
Varies, as it depends on portfolio composition, volume, and policy limits. However, it is negligible as it is typically passed through and is less than the cost of loss reserves.
Types of companies covered
Independent mortgage bankers
What is needed for a proposal
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*Insurance policies backed by carriers rated "A" or better by A.M. Best