Status: closed
Ocwen (Force Placed Insurance)
Defendant: Ocwen
Ocwen agreed to a settlement regarding its forced-placed hazard insurance practices on homeowners. The lawsuit alleges that Ocwen forced consumers to purchase unnecessary expensive hazard insurance (“LPI Policy”). The bank received kickbacks from the insurers for choosing the more-expensive policies for the homeowners. Borrowers who paid for overpriced hazard insurance premiums issued by certain insurance companies between January 1, 2008 and January 23, 2015 may be eligible to receive back 12.5% of the net premium.