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Items Tagged with 'force-placed insurance'

ARTICLES

Assurant continues shift toward housing insurance programs

Finds buyer for several health insurance business lines
Ben Lane
Assurant is taking the next step in its shift toward a focus on its housing insurance programs, which include renters/apartment insurance, flood insurance, manufactured housing and force-placed insurance. The company announced Wednesday that it will immediately begin to wind down its major medical operations and has reached an agreement in principle to sell “certain business lines and assets” to National General Holdings Corp.
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Assurant exits health insurance; focus shifts to housing

Plans expansion of lender-placed insurance and other programs
Ben Lane
Assurant is planning to exit the health insurance and employee benefits business and will shift its focus instead to its housing insurance programs, which include renters/apartment insurance, flood insurance, manufactured housing and force-placed insurance.
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Ocwen, Assurant to pay $140 million to settle force-placed insurance suit

Class-action suit accused Ocwen of artificially inflating costs
Ben Lane
Ocwen Financial and Assurant agreed to pay $140 million to settle a massive class-action lawsuit, which accused Ocwen of artificially inflating the cost of force-placed insurance in exchange for kickbacks from Assurant. The settlement agreement, which is awaiting final approval from federal court in Florida, resolves claims of 399,843 homeowners who allege they were overcharged for insurance.
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Here's why force-placed insurance continues to get bad press

Is it time to shut it down?
Lynn Effinger
On the surface of it, most any reasonable person would understand that a mortgage lender has the right to protect its asset if the borrower is not adequately covered by homeowner’s or flood insurance policies. But here's where the controversy comes in.
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HSBC, Assurant offer $1.8M to end force placed kickback lawsuit

More than 11,000 steered to overpriced policies in return for commission
Trey Garrison
Homeowners sued HSBC and Assurant for steering them into unneeded and expensive policies in return for kickbacks. Now HSBC and Assurant are offering $1.8 million to make it go away.
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Compass Point: Walter Investment most at risk of FHFA forced-placed insurance suit

Nonbank servicers could be targeted
Ben Lane
If the FHFA chooses to sue over force-placed insurance rates, "it could have a material impact on special servicers that have a less diversified revenue base and service highly delinquent GSE mortgage portfolios," analysts from Compass Point Research and Trading said.
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FHFA-OIG: FHFA should sue over force-placed insurance practices

Excessively priced insurance cost GSEs $158 million in 2012
Ben Lane
The Federal Housing Finance Agency’s Office of the Inspector General is suggesting that the FHFA sue its servicers and lender-placed insurance providers because Fannie Mae and Freddie Mac have suffered “considerable financial harm” in the LPI market.
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How to avoid getting sucked into a force-placed insurance fight

CFPB enforces 5 standards. Know them.
Jacob Gaffney
Force-placed insurance is a controversial subject. It pulls big players such as Bank of America into big fights. While it is a necessary function in many instances, the charge for the service often draws ire. Follow these rules to avoid getting sucked into a fight.
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Bank of America, HSBC Holdings settle forced-insurance lawsuits

HousingWire Staff
Bank of America and HSBC Holdings Plc agreed to settle lawsuits concerning property insurance that borrowers were forced to accept after homeowners alleged that the banks got a financial windfall by cutting deals with insurance companies and over-charging borrowers for the coverage.
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FHFA directs GSEs to restrict force-placed insurance practices

Limitation of practices may squeeze lenders, taxpayers
Christina Mlynski
The Federal Housing Finance Agency is directing Fannie Mae and Freddie Mac to restrict forced-placed insurance practices, which is a follow up from a notice the agency published in March regarding its views on such practices.
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