Status: closed
PennyMac Loan Services, LLC (Forced-Placed Insurance)
Defendant: PennyMac Loan Services, LLC
PennyMac Loan Services agreed to a settlement regarding its lender-placed insurance (“LPI”) practices on homeowners. The lawsuit alleges that PennyMac Loan Services forced borrowers to purchase unnecessary expensive hazard, flood, or wind-only insurance. Borrowers who paid for LPI Policy issued by QBE Specialty, Seattle Specialty, or Southwest Business Corporation between February 1, 2011 and October 18, 2016 may be eligible to receive back up to 10.5% of the premium. Borrowers who paid for LPI Policy issued by Praetorian Insurance Co., QBE Insurance , Balboa, or Meritplan between February 1, 2011 and October 18, 2016 may be eligible to receive back up to 5.5% of the premium.