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Bank of America Unnecessary Property Inspections Class Action

On its first page, the complaint alleges that Bank of America, NA (BOA) “services home loans according to uniform practices designed to maximize fees assessed on borrowers’ accounts when they are behind on their payments.” The practices at issue? Charging customers for multiple unwarranted “property inspections” and for unneeded force-placed insurance.  Read more

Bank of America Sign on Building

Rushmore Loan Kickbacks Alleged for Forced-Placed Insurance Class Action

Under certain circumstances, mortgage borrowers may be forced to pay for insurance policies chosen by their mortgage lender or servicer. This force-placed insurance (FPI) arrangement is not illegal. However, the complaint for this class action questions the FPI practices of Rushmore Loan Management Services, LLC, however, alleging that the company receives “an unearned kickback designed  Read more

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Bank of America Force-Placed Unneeded Flood Insurance Class Action

When a lender provides a mortgage for a property, it has a right to insist that the borrowers maintain adequate insurance to protect its investment. The complaint for this class action alleges that Bank of America, NA (BoA), however, forces borrowers to take flood insurance that they do not need, and that the premiums of  Read more

Bank of America Sign and Logo in Front of Branch

Wells Fargo Collateral Protection Insurance Settlement

Four defendants—Wells Fargo Bank, NA, Wells Fargo & Co, National General Holdings Corp., and National General Insurance Company—have decided to pay a little less than $400 million to settle a class action about their auto loans. The complaint alleged that the lenders unlawfully placed collateral protection insurance (CPI) policies on some auto loan accounts, and  Read more

Shellpoint Mortgage Servicing LPI Settlement

New Penn Financial, LLC, which does business as Shellpoint Mortgage Servicing, has elected to settle a class action on the subject of LPI. LPI, or lender-placed insurance, is hazard, flood, or wind insurance placed on a borrower’s property to protect the value of the property when the borrower’s own policy lapses or when the borrower  Read more

Specialized Loan Servicing Lender-Placed Insurance Settlement

This settlement resolves a class action concerning lender-placed insurance (LPI) placed on mortgaged homes by Specialized Loan Servicing, LLC (SLS). 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 the loan servicer for the premiums and  Read more

Caliber Home Loans Lender-Placed Insurance Settlement

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  Read more

RoundPoint Mortgage Lender-Placed Insurance Settlement

RoundPoint Mortgage Servicing Corporation has agreed to refund money to borrowers to settle a class action about lender-placed insurance (LPI, also known as force-placed insurance). Mortgage lenders require that homeowners have an LPI policy when the homeowners’ insurance lapses or when the homeowners’ policy is not considered acceptable to the lender. The lender places the  Read more

Centennial Force-Placed Flood and Hazard Insurance Class Action

Plaintiff Simeon Penton bought a condominium in Florida, which he financed with a mortgage eventually assigned to Centennial Bank. The complaint for this class action claims that Centennial wrongly decided that he did not have enough flood or hazard insurance and force-placed insurance on the property, first through Overby-Seawell Company (OSC) and later through Great  Read more

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Selene Financial Force-Placed Insurance Settlement

Selene Finance has agreed to settle a class action alleging that it charged excessive rates for force-placed insurance and placed it in a manner that enabled it to received kickbacks from the insurer. Force-placed insurance, or lender-placed insurance, is insurance placed on a property that is mortgaged or that carries a home equity line of  Read more