Any organization seeking to adopt appropriate operational risk management policies and procedures must ensure that they have met the five step process to ensure success. This process focuses on proper governance. It is not enough to simply “check the box” and hope that wire fraud, mortgage fraud and closing fraud never reach the organization. TheContinue reading “Successful Risk Management Requires Proper Top-Down Governance”
Tag Archives: attorneynegligence
When a Closing Attorney’s E&O Policy is not Actually Insurance and Why a Lender Should Care
If you are merely collecting a “Certificate of Coverage” on behalf of a closing attorney and passing them through your loan process as meeting your internal risk management protocols you may be in for an unpleasant surprise if a claim arises. At Secure Insight we do more than collect insurance certificates, we review policies andContinue reading “When a Closing Attorney’s E&O Policy is not Actually Insurance and Why a Lender Should Care”
New Attorney E & O Exclusion Exposes Lender Closing Table Risk in Massachusetts
We have noticed that in Massachusetts, insurance carriers providing attorney errors and omissions coverage have been quietly adding a new exclusion to their new and renewal policies. This exclusion is known as the “Disbursement of Funds” exclusion, and it creates enhanced risk for lenders in that state in the event an attorney fails to properlyContinue reading “New Attorney E & O Exclusion Exposes Lender Closing Table Risk in Massachusetts”
Secure Insight Mortgage Industry Blog 