Settlement Structure: Claims Made
Active: Closed
Closed Settlement Statement:
According to court documents, the claim submission deadline has passed. Please contact the claims administrator if you have any questions.
Case Summary:This settlement resolves a class action concerning lender-placed insurance (LPI) placed on mortgaged homes by Caliber Home Loans, Inc. LPI is placed on a mortgaged property when the borrower’s insurance lapses or if the lender believes that the borrower’s insurance in inadequate. With LPI, the borrower pays Caliber for the premiums and Caliber remits the premiums to the insurance company. The complaint alleged that Caliber placed LPI in a manner that allowed it or Vericrest Insurance Services, Inc. to receive kickbacks from the insurance company and that the premiums were therefore higher than they should have been.
Docket Number:17-cv-06677
Company: Caliber Home Loans Inc.
Filing Deadline: July 1, 2019
Class Period: January 1, 2011 to October 31, 2018
Objection Deadline: March 2, 2019
Exclusion Deadline: March 2, 2019
Final Approval Hearing: April 1, 2019
Proof of Purchase:Presumably the company’s records will be used for verification.
Eligibility:You may be eligible if
- You are a borrower in the US who
- Between January 1, 2011 and October 31, 2018,
- Were charged by Caliber for a hazard, flood, flood gap, or wind-only LPI policy for a residential property,
- Who, within the above period, either (a) paid to Caliber at least a portion of the net premium for the policy or (b) did not pay to Caliber the net premium and still owe Caliber for it.
You are not eligible if (a) the LPI policy was cancelled in its entirety and all premiums were refunded to you or your escrow account, or (b) since the issuance of the policy, you have filed Chapter 7 bankruptcy petition that compromised or discharged the indebtedness on the residential property.
Typical Settlement Amount:3%to 6% of net premiums paid during the class period: 6% if you were charged between January 1, 2011 and June 30, 2013; 4.5% if you were charged between July 1, 2013 and December 31, 2015; 3% if you were charged between January 1, 2016 and October 31, 2018. Cash award if you paid the premiums; insurance account credit if you still owe them.
Total Settlement Amount: Unknown
Class Representative Proposed Incentive Fee:$5,000
Law Firm:
Moskowitz Law Firm PLLC
Claim Form: Caliber Home Loans Lender-Placed Insurance Settlement Claim Form
Case Name: Rickert v. Caliber Home Loans, Inc., et al.
Settlement Website: Caliber Home Loans Lender-Placed Insurance Settlement Website
Claims Administrator:
Rust Consulting, Inc.
Rickert v Caliber Administrator
c/o Rust Consulting – 6328
PO Box 44
Minneapolis, MN 55440-0044
1-866-403-1834