Getting ready to expand my business and my attorney recommended reviewing my E&O coverage. Currently have a $1M policy through a general business insurer. Is that enough? Anyone have recommendations for insurers who specialize in mortgage broker E&O?
I had a borrower threaten to report me for "predatory lending" after their deal went sideways (not my fault — they couldn't execute the business plan). I know I did nothing wrong but it scared me. What documentation and practices do you have in place to protect yourself from these kinds of accusations?
I'm looking to expand into more states. Currently licensed in 5. Which states have the most complex licensing requirements for commercial mortgage brokers and which are the easiest? Any states to avoid?
This is something I've been researching for months and I'm still confused. Licensing requirements for private money brokers vary wildly by state. Some states require a mortgage broker license for commercial bridge loans, others don't. Some have specific private money exemptions. I'm currently licensed in FL, TX, and GA. Looking to expand to CO, AZ, and NC. Anyone have experience with these states specifically? And does anyone have a good resource for tracking state licensing requirements?