Mortgage lender Ocwen and insurance giant Assurant Inc. have agreed to settle a class action lawsuit concerning an insurance scheme that charged homeowners inflated premiums for hazard, flood, flood-gap, or wind insurance coverage forced on their properties. According to the Ocwen/Assurant Force-Placed Insurance Class Action Lawsuit, you are entitled to a cash or credit award if (between 1/1/2008 through 1/23/2015) you paid or have not paid and owe the premium for a hazard, flood, flood gap or wind-only LPI Policy for a residential property. Ocwen and Assurant allegedly entered into an agreement that allowed Ocwen to receive unauthorized kickbacks from Assurant in the form of commissions or other payments. Furthermore, Ocwen’s policy caused borrowers to pay inflated rates for excessive coverage. The companies are now paying for their shady practices with a $140 million class action lawsuit settlement.
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Ocwen, Assurant Insurance Lawsuit:
- Ocwen, Assurant Insurance Claim Form
- Claim Form Deadline: 12/14/2015
- Who’s Eligible: Anyone in the United States who, from 1/1/2008 through 1/23/2015, was charged by Ocwen under a hazard, flood, flood gap or wind-only LPI Policy for residential property, and who, within the Class Period, either paid to Ocwen the Net Premium for that LPI Policy or did not pay to and still owe Ocwen the Net Premium for that LPI Policy.
- Estimated Amount: Varies, the two companies have agreed to provide a cash award or credit in the amount of 12.5% of the Net Premium charged to the claimant.
- Proof of Purchase: Yes
- Case Name & Number: Jennifer Lee v. OCWEN Loan Servicing LLC, et al, Case No. 0:14-cv-60649, in the U.S. District Court for the Southern District of Florida.
If you are affected by the Ocwen, Assurant Force-Placed Insurance Class Action Lawsuit, you may be able to make a claim and get a cash or credit award. You do have to provide proof of purchase and personal information in the form of your social security number, photo ID with signature, copy of an Ocwen mortgage statement, completed notary verification, and possibly more. Check out our entire list of Class Action Lawsuit Settlements to see if you can file any other claims!
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