ABA Insurance Services offers two Mortgage Protection Products tailored to community banks:
- Mortgage Errors and Omissions (MEO) covers the bank against errors and omissions related to the bank's handling of physical damage insurance and homeowners insurance covering the real property of borrowers. Mortgage Impairment protects the bank when a mortgage becomes impaired (i.e. goes into default) and property insurance is uncollectable, insufficient, or nonexistent.
- Force Placed/Foreclosed Property is a standalone, comprehensive program for foreclosed and force placed properties designed to insulate your P&C package from foreclosed property and liability losses while managing the insurance risk for the life cycle of a loan. Our internet-based reporting system, makes scheduling and tracking easy, minimizing administrative costs.