Take precautions against potential mortgage missteps now.
Inevitably, borrower oversights and operational gaps can lead to lender risk. A homeowner on the coast inadvertently fails to secure flood or wind coverage before a major hurricane hits. A commercial borrower cancels their insurance policy days before their warehouse burns to the ground in a fire. A flood destroys collateral that was not in a special flood hazard area. The worst part? Your credit union holds the mortgage on all these properties.
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