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Mortgage lender Ocwen Loan Servicing, LLC and insurance giant Assurant Inc. have agreed to a $140 million class action lawsuit settlement over allegations they entered into a force-placed insurance scheme that charged homeowners inflated premiums for hazard, flood, flood-gap, or wind insurance coverage forced on their properties.
An estimated 400,000 Ocwen borrowers nationwide are included in the proposed Ocwen class action settlement, announced in April.
If approved, the settlement will resolve a 2014 class action lawsuit (Lee v. Ocwen Loan Servicing) that accuses Ocwen, Assurant and its subsidiary American Security Insurance Co. (collectively referred to as “Assurant”) of entering into “an extremely lucrative profit-making scheme that reaps hundreds of millions of dollars annually” at the cost of unsuspecting borrowers.
According to plaintiffs, Ocwen and Assurant entered into a collusive agreement that allowed Ocwen to receive unauthorized kickbacks from Assurant in the form of commissions or other payments by using Assurant as its lender-placed insurance provider.
Lender-placed insurance (also known as force-placed insurance) is hazard, flood, flood gap or wind insurance coverage that is placed on a borrower’s property by the mortgage lender to protect the borrower and lender when the borrower’s insurance policy lapses, or when the borrower does not maintain a homeowner’s insurance policy that is acceptable to the mortgage lender.
In addition to the illegal kickback allegations, the Ocwen force-placed insurance class action lawsuit alleges that the way in which Ocwen’s policies were obtained and placed caused borrowers to pay inflated rates for excessive coverage.
The Ocwen/Assurant force-placed insurance settlement was preliminarily approved on Dec. 18, 2014. A Final Fairness Hearing is scheduled for June 11, 2015.
Before the hearing, the defendants and plaintiffs must answer several questions raised by objectors about the fairness of the proposed class action settlement.
U.S. Magistrate Judge Jonathan Goodman agreed with the objectors, ruling May 13 that the parties need to disclose how much money Class Members would actually receive from the class action settlement, among other answers, before the Final Hearing. The parties have until May 26 to respond.
Who’s Eligible
Class Members of the Assurant, Ocwen force-placed insurance settlement include:
All borrowers in the United States who, from Jan 1., 2008 through Jan. 23, 2015, were charged by Ocwen under a hazard, flood, flood gap or wind-only LPI Policy for residential property, and who, within the Class Period, either (i) paid to Ocwen the Net Premium1 for that LPI Policy or (ii) did not pay to and still owe Ocwen the Net Premium for that LPI Policy.
Potential Award
Varies. Defendants have agreed to provide a cash award or credit in the amount of 12.5% of the Net Premium charged to the claimant during the Class Period for the LPI Policy by Ocwen.
More information about the actual amount of money you may be eligible to receive from the Ocwen class action settlement may be provided at a later date, but is not available at this time [See above re: Judge Goodman’s orders for more information regarding money for Class Members].
Proof of Purchase
You must provide several pieces of information with your Claim Form in order for it be considered valid, including but not limited to:
- Social Security Number
- Photo ID with signature
- Copy of an Ocwen mortgage statement issued to Claimant(s)
- Completed notary verification
Claim Form
Claim Form Deadline
7/22/2016
Claim Forms must be submitted online or mailed to the Settlement Administrator with a postmark no later than 60 days after the Final Settlement Date. This means this deadline may be changed to a later date if there are delays in approving the class action settlement, such as objections.
UPDATE: The Ocwen force-placed insurance class action settlement received final approval on Sept. 14, 2015. Class Members have until Dec. 14, 2015 to file a claim.
UPDATE 2: According to the settlement website, the settlement was appealed. The appeals were dismissed on May 23, 2016. Thus, the claim form deadline was changed to July 22, 2016.
Case Name
Jennifer Lee v. OCWEN Loan Servicing LLC, et al, Case No. 0:14-cv-60649, in the U.S. District Court for the Southern District of Florida.
Final Hearing
06/11/15
Settlement Website
www.LeeSettlementInfo.com
Claims Administrator
Lee Settlement Center
c/o Rust Consulting
P.O. Box 2225
Faribault, MN 55021-1625
877-294-6778
Class Counsel
Adam M. Moskowitz
KOZYAK, TROPIN, & THROCKMORTON, P .A.
Aaron S. Podhurst
PODHURST ORSECK, P .A.
Lance A. Harke
HARKE CLASBY & BUSHMAN LLP
Defense Counsel
Counsel for Assurant:
Frank G. Burt
CARLTON FIELDS JORDEN BURT, P.A.
Counsel for Ocwen:
Brian V. Otero
HUNTON & WILLIAMS LLP
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82 thoughts onOcwen, Assurant Force-Placed Insurance Class Action Settlement
Received my check in the mail today!!
Me too. Finally.
I received my check today, but no one will cash it. The paperwork doesn’t have any telephone number on it. Can you advise please.
I can not cash mine either, no number to verify the check. I’ll just have to deposit into my bank Monday. Does anyone have a verification number?
I received mine as well and Wal-Mart wouldn’t cash it. The machine kicked it back. Tried to deposit in my account and it would not take but I use online banking. Also tried to deposit in my H&R block account I still have for filing and it kicked back also. So that’s a bit annoying and worries me also.
Same here. I’m going to call US Bank on Monday morning.
Do everyone’s receive the same amount
Do every one received the same amount
I received a call back in November 2016 asking I fax in a copy of my photo ID. Haven’t heard anything since. I think I will get on the phone too. Thanks for the contact information.
I just called and they told me what the amount of the check is which really isn’t nothing and the attorney get $5000 so u can get kickbacks from 2008-2015 and you send me a check for a couple of thousand dollars are u kidding me really they wasted everyone time
I pd the same amt of time and I’m only getting 210.00
No one has contacted me about the status of the lawsuit since 2015, even though the person I had my home with has passed away last year.
I haven’t heard from anyone since 2015, about anything even though ( my ex) has passed away January 2016,we sent in the claim form before the deadline.
Unfortunately they will not contact you. You will have to contact the attorneys office to find out the status. I called a month or so ago and they tild me the amount and when the checks will be mailed (end of september). The phone number to the attorneys office is in a comment below.
I tried to check the website leesettlement.com and called the # which is disconnected which I find to be weird
Will they be mailed with interest included. They are under a court order to pay by 160 days after all appeals have been exhausted. Someone needs to call the judge and let them know they are not following the courts order.
I would call if I had a number
It would be lucky if we get a check they say the end of September interest that ain’t going to happen every time you call it’s always something different
I received a call from Liz at the attorneys office back in November 2016 asking I fax a copy of my photo ID. Haven’t heard anything since. Thanks for the contact information. I guess I’ll get on the phone too.
Between Lee Steetlement and Ocwen this is a bunch of shit how they are doing to the homeowners and its not fair. How come the lawyers people was paid up front 5,000.00 and all they want to give us is a bunch of BS. Some homeowners have loss there homes and some are trying to make ends due and then you have to here the lawyers with these lie’s and excuses everyday and I wonder why its not fair. Now they are saying its the judge sorry I don’t buy that get another judge to do what’s right for the home owners I bet if it was the judge I bet it wouldn’t be no problem but since its Fla. homeowners they can wait I wonder how long we as Fla. Home owners have to put up with this BS. Its so sad you can’t even log in on Lee Steetlement home page cause they are a bunch of liars that’s why they shut down there web page people are tired of the BS. Get the Home Owners what they are supposed to receive and let them go on with there lives and don’t have to worry about these lying ass lawyer and Ocwen its only fair
This is some BS
I just got off the phone with the attorneys office 305-372-1800. Checks are going out at the end of September. She also told me the amount of my check.
Hey Lor I call them in June 5 they told me I would get my check in june now I call there ass up today and now they saying the end of September this is a bunch of bull shit I’m tired playing the game with them cause all they do is lie I think we should be paid everytime we have to wait its only fair its not right what they are doing to the homeowners hurry up and wait game. Now if the shoes if on the other foot and we owe them we would be outside the door its not fair what they are doing to us
I just got off the phone with one of the attorneys. They were able to tell me the amount of my check. They also told me that they just received an email from opposing council that checks will not be mailed out until the end of September
WOW!