Secure Settlements Inc. is partnering with RFIB Group Ltd. and certain underwriters at Lloyd’s of London to offer a new mortgage settlement insurance product that will protect lenders utilizing SSI’s ClosingGuard service against losses arising at the closing table.
Andrew Liput, chief executive officer of SSI, told The Title Report he searched for the right opportunity for six years before partnering with RFIB to offer mortgage settlement insurance.
“Based on the effectiveness and success of our ClosingGuard service, the new [mortgage settlement insurance (MSI)] policy is able to offer more extensive coverage than other insurance products such as closing agent errors and omissions insurance,” Liput said. “This should become something that all retail mortgage lenders consider as they evaluate acceptable levels of risk and practice sound lending.”