Search
 

MBA Seeks Uniform Insurance Certificate

CHICAGO-Mortgage Bankers Association of America members hold sway over "tens of billions of dollars of insurance premiums," says Robert Vestewig, chief operating officer of Houston-based GEMSA Loan Services, which might influence the industry to adopt standardized certificates of insurance.

By Mark Ruda | Updated on October 23, 2002

CHICAGO-Does the Mortgage Bankers Association of America have strength in numbers to convince the insurance industry to standardize policies on coverage and paperwork? Members of an MBA task force are not 100% sure, they indicated during this week’s convention.

An MBA Commercial Real Estate/Multifamily Board of Governors task force has been at work since February has been working on model certificates of insurance, which lenders have been forced to rely on in lieu of actual policies, which often do not arrive until six months after deals close. The policies, rather than certificates, often provide a clearer picture of coverage, including the often vague acts of terrorism that have vexed lenders and borrowers since Sept. 11, 2001.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.