"I admire the entrepreneurial spirit of our clients. It encourages us to be equally resourceful. My 30-year familiarity with mortgage banking, plus Fannie Mae, Freddie Mac, and warehouse lender and secondary market requirements, enables me to satisfy investor requirements as well as the risk management needs of our customers.”
Lee Brodsky, CPCU
Lee Brodsky formed MORTGAGE BANKING INSURANCE GROUP at JMB Insurance to serve mortgage bankers seeking specialized operational insurance.
For 30 years, Brodsky has specialized in mortgage banking insurance. He started at Bankers Insurance Service, working his way up to Chairman of the Board.
Believing that the Mortgage Bankers Bond should better reflect the needs of mortgage bankers, Brodsky invested 5 years in rewriting the policy with Lloyds, the MBA and investors (FNMA, FHLMC, GNMA). Brodsky added new clauses to cover 3rd party servicing contractors and originators, commercial and condo/PUD lenders, and servicers of conventional, unchecked loans. He also added computer crime and borrower fraud coverage.
As Bankers Insurance Service became part of larger conglomerates and eventually a subsidiary of Aon Corporation, Brodsky took on additional responsibilities. He started a program for mortgage originators under the Olandis name. He became president of Scarborough, a bank insurance program. He was also Managing Director of National Accounts at Financial & Professional Risk Solutions, an Aon group that offered operational insurance to financial and other institutions.
Brodsky realized early on that it was essential he understand mortgage banking. He learned the intricacies of the industry from the late William DeHuszar, past chairman of Dovenmuele and author of the widely used text, Mortgage Loan Administration.
Always active in the mortgage banking community, he served on the MBA Insight and Membership Committees and has lectured at various state and national MBA clinics. He also served as the director of the Illinois MBA and as chairman of its Insurance Committee. Brodsky has earned a CPCU (Chartered Property and Casualty Underwriter) designation. For the Association of Lloyd's Brokers, he previously held the position of Treasurer and is currently the Chairperson.