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BIS partners ProSight Specialty Insurance

IBR Staff Writer Published 21 December 2010

Bakerjian Insurance Services (BIS), an insurance agency for mortgage bankers, has entered into partnership with ProSight Specialty Insurance as the exclusive carrier for BIS's recently launched Lenders Misrepresentation Insurance (LMI).

ProSight was formed earlier this year by CEO Joe Beneducci and a team of senior executives with decades of experience in the insurance industry.

BIS said LMI protects mortgage lenders against the damage that can result from loans being put back by their investors if material financial misrepresentation is found in a borrower's loan file.

BIS president, CEO and originator of the LMI program Stephen Bakerjian said that "LMI is insurance, so it offers protection multiple times the premium and the risk is transferred to the carrier.

"Loan loss reserves offer only dollar-for-dollar protection and the risk is retained by the lender. With LMI, the lender now has a choice,"Bakerjian said.

Bakerjian Insurance Services (BIS) specializes in proprietary risk-management solutions for the mortgage banking industry.