Status: closed
Homeward Residential/American Home Mortgage Servicing, Inc. (Forced-Placed Insurance)
Defendant: Homeward Residential (previous name American Home Mortgage Servicing, Inc.)
Homeward Residential, formerly called American Home Mortgage Servicing, Inc., agreed to a settlement regarding its forced-placed hazard insurance practices on homeowners. The lawsuit alleges that Homeward Residential forced Florida property owners to purchase unnecessary expensive hazard insurance. The mortgage servicer received kickbacks from the insurers for choosing the more-expensive policies for the homeowners. Florida borrowers who paid for overpriced hazard insurance premiums issued by certain insurance companies between July 1, 2008 and March 31, 2013 may be eligible to receive back up to 12.5% of the premium.