Status: closed
Select Portfolio Servicing Inc. (Forced-Placed Insurance)
Defendant: Select Portfolio Servicing Inc.
Select Portfolio Servicing Inc. (“SPS”) agreed to a settlement regarding its forced-placed hazard insurance practices on homeowners. The lawsuit alleges that SPS forced consumers to purchase unnecessary expensive hazard insurance. The lender 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 July 11, 2010 and October 15, 2015 may be eligible to receive back up to 12.5% of the premium.