Lee Brodsky, former president and chairman of Bankers Insurance Service, has announced the launch of an independent insurance brokerage at JMB Insurance, Chicago, that will specialize in the mortgage banking industry.Called the Mortgage Banking Insurance Group, it will offer the Mortgage Bankers Bond as well as other coverages geared for lending operations, such as mortgage banking professional liability errors and omissions; mortgage impairment and mortgagee's E&O; directors' and officers' liability; and employment practices liability. Mr. Brodsky said he spent five years rewriting BIS's Mortgage Bankers Bond policy with underwriters at Lloyds, the Mortgage Bankers Association, and investors such as Fannie Mae, Freddie Mac, and Ginnie Mae. The Mortgage Banking Insurance Group can be found on the Web at http://www.mortgagebankinginsurance.com.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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