To a Canadian regulated insurance provider for financial services professional liability insurance.
As you explained, the biggest complaint of a mortgage brokerage firm and their agents, when subject to either a valid or frivolous E&O claim, is that the broker or agent 'did nothing wrong', but cannot effectively prove it - in an objective manner. Well now they can.
Our ISO 9001:2008 certified, litigation-tested, proprietary Integrated Mortgage Processing and Quality Management System is designed to ensure mortgage brokers operate in a manner that minimizes E&O claims and if a claim arises, is the basis of proving whether or not a mistake was made. There are over 1000 steps to a mortgage transaction and at MortgageQuote, each and every step is documented and managed for quality by real-time validation.
The system designed to minimize errors, omissions, "willful blindness" events and related processing errors by licensed agents and unlicensed employees. It is both a management and quality management engine for a mortgage brokerage firm.
While the system works for all types of mortgage transactions, we have found it is very effective for controlling the quality of private mortgage transactions which tend to be more profitable than non-private mortgage transactions. And an area of the industry that would best benefit from a system such as this.
We are only interested in sharing the technology in collaboration with regulators or EOE insurance providers, like [Insurance Provider] (or Major Insurance Broker's). In this business, first in, wins. You will differentiate yourselves from the market place and the technology will become the defacto standard to minimize successful errors and omissions claims.
Thank you in advance,
Anoop Bungay
