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Classification Phraseology as of:
9/1/2023
 
Classification Code:
8749
 
Phraseology:

MORTGAGE BANKERS — all employees — including Clerical Office Employees, Clerical Telecommuter Employees and Outside Salespersons

The entire remuneration of each employee shall be included, subject to a maximum of $154,700 per year. When the policy is in force for less than a 12-month period, the maximum payroll amount shall be prorated based upon the number of weeks in the policy period.

Footnote:

This classification applies to companies that specialize in direct lending of funds for residential or commercial mortgages. This classification includes loaning money held on deposit and funding loans through a line of credit.

Commissioned loan brokers engaged exclusively in matching qualified mortgage applicants with lenders with no direct lending of funds shall be classified as 8743, Mortgage Brokers.

Real estate agencies that represent buyers, sellers, lessees and lessors in real estate transactions shall be classified as 8741, Real Estate Agencies.

The operation of depository financial institutions that are licensed as banks to perform financial services, including but not limited to accepting deposits, paying interest, clearing checks, making loans and exchanging currency, shall be classified as 8808, Banks.

Approved Pure Premium Rate:
To learn how approved pure premium rates are different than insurer rates, click here.
Effective DatePure Premium RateNote
9/1/2023$0.16New/Renewal
9/1/2022$0.22New/Renewal
9/1/2021$0.21New/Renewal
Prior Phraseology and Footnote:
Shown below is the previously published phraseology and footnoteEffective Date

Phraesology:

MORTGAGE BANKERS — all employees — including Clerical Office Employees, Clerical Telecommuter Employees and Outside Salespersons

The entire remuneration of each employee shall be included, subject to a maximum of $149,500 per year. When the policy is in force for less than a 12-month period, the maximum payroll amount shall be prorated based upon the number of weeks in the policy period.

Footnote:

This classification applies to companies that specialize in direct lending of funds for residential or commercial mortgages. This classification includes loaning money held on deposit and funding loans through a line of credit.

Commissioned loan brokers engaged exclusively in matching qualified mortgage applicants with lenders with no direct lending of funds shall be classified as 8743, Mortgage Brokers.

Real estate agencies that represent buyers, sellers, lessees and lessors in real estate transactions shall be classified as 8741, Real Estate Agencies.

The operation of depository financial institutions that are licensed as banks to perform financial services, including but not limited to accepting deposits, paying interest, clearing checks, making loans and exchanging currency, shall be classified as 8808, Banks.

9/1/2022
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