Status: closed
Branch Banking and Trust Company (Forced-Placed Insurance)
Defendant: Branch Banking and Trust Company
Branch Banking and Trust Company (“BB&T”) agreed to a settlement regarding its lender-placed insurance practices on homeowners. The lawsuit alleges that BB&T forced borrowers to purchase unnecessary expensive hazard, flood, flood gap or wind-only insurance. The mortgage servicer received kickbacks from the insurers for choosing the more-expensive policies for the homeowners. Borrowers who paid for overpriced lender-placed insurance premiums issued by certain insurance companies between January 1, 2010 and August 12, 2016 may be eligible to receive back up to 10% of the premium.