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A settlement has been reached in a class action lawsuit alleging PennyMac Loan Services LLC force-placed insurance policies on homeowners in such a manner that it received an unauthorized benefit or kickback from the insurance company.
If you were charged by PennyMac under a hazard, flood or wind force-placed insurance policy between Feb. 1, 2011 and Oct. 18, 2016, you may be entitled to a cash payment from the PennyMac class action settlement.
The force-placed insurance settlement resolves a class action lawsuit alleging PennyMac force-placed excessive insurance policies issued or procured by QBE Specialty Insurance Company, Praetorian Insurance Company, QBE First Insurance Agency Inc. n/k/a NGLS Insurance Services Inc., QBE Insurance Corporation, Balboa Insurance Company, Meritplan Insurance Company, Seattle Specialty Insurance Services or Southwest Business Corporation (QBE Defendants) when a borrower’s insurance policy lapsed or if the borrower failed to maintain an acceptable level of insurance coverage for the property.
It is not illegal for lenders to force-place insurance policies to ensure the property is covered by an adequate level of insurance protection. However, lenders may not impose force-placed insurance policies that are excessive or that allow the lender to receive an unauthorized benefit.
The plaintiffs claim that PennyMac placed insurance in a manner in order to receive kickbacks from the insurance companies. According to the force-placed insurance class action lawsuit, PennyMac also imposed force-placed insurance policies in such a manner that the rates and amount of coverage were excessive.
The defendants deny any wrongdoing and maintain their actions did not violate the law. However, they have agreed to settle the force-placed insurance class action lawsuit to avoid the cost and risk of trial.
The PennyMac force-placed insurance class action settlement received preliminary approval on Oct. 18, 2016.
Who’s Eligible
Class Members of the PennyMac force-placed insurance settlement include all borrowers in the United States who, between Feb. 1, 2011 and Oct. 18, 2016, were charged by PennyMac under a hazard, flood or wind lender-placed insurance policy issued or procured by any of the QBE Defendants for a residential property and who either paid PennyMac the net premium for that force-placed insurance policy or who did not pay to and still owe PennyMac the net premium for the policy.
Potential Award
Varies.
Class Members who file timely and valid Claim Forms are entitled to receive a cash payment (or a credit toward what they owe PennyMac) of an amount equal to 10.5 percent or 5.5 percent of the net premium charged between Feb. 1, 2011 and Oct. 18, 2016 for the force-placed insurance policy, depending on when they were charged.
Proof of Purchase
Claimants may be asked to provide information to verify their claims, such as the signature of a witness, a copy of a valid form of identification, a copy of a PennyMac mortgage statement, or a notary verification. Follow the directions on the Claim Form carefully to make sure you submit all required information.
Claimants must also affirm under the penalty of perjury that the information submitted in the Claim Form is true and correct.
Claim Form
Claim Form Deadline
7/13/2017
Case Name
Cooper v. PennyMac Loan Services LLC, et al., Case No. 1:16-cv-20413-JEM, in the U.S. District Court for the Southern District of Florida
Final Hearing
4/14/2017
UPDATE: The PennyMac Loan Services Force-Placed Insurance settlement was granted final approval on May 16, 2017. Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.
Settlement Website
www.CooperSettlementInfo.com
Claims Administrator
Cooper v. PennyMac Settlement
c/o Rust Consulting – 5301
P.O. Box 2563
Faribault, MN 55021-9563
1-866-254-8702
Class Counsel
Adam M. Moscowitz
KOZYAK TROPIN & THROCKMORTON PA
Aaron S. Podhurst
PODHURST ORSECK PA
Lance A. Harke
HARKE CLASBY & BUSHMAN LLP
Defense Counsel
Counsel for PennyMac:
Marc J. Gottlieb
AKERMAN LLP
Counsel for QBE Defendants:
Robyn C. Quattrone
BUCKLEYSANDLER LLP
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5 thoughts onPennyMac Loan Services Force-Placed Insurance Class Action Settlement
Pennymac loan services used insider trading and pushed people out of homes by sending people from California to split deeds and evict the home owners and even forged my name and made me remodify my loan and got me to pay 53k on a another loan and sold my housevtondiffersnt lawyers avoiding foreclosure cost and lied and said it sold at auction and when I came with mortgage relief they denied paying me on recorded lines and gave me a run around I never signed nothing and they did this to 1000s of people in Portland alone and now we are all homeless my address was 3242 se 150th Ave portland oregon I give you permission to look at the deeds and they said they sold my house 50% of market value at 270k and the guy who evicted me for non payment of rent and I dont even know who this guy is but he just sold it for 485k and I still owe the 53 k loan they took and the stole all the mortgage relief money too I believe as far I knew I wasn’t even in default at the time of the sale they just did all this without notify me and my co borrower my ex who never lived there I believe the bought her out and put this guy on there I was trying for years to take her off the deed and they said they couldn’t so I still never was asked to sign nothing so I should be entitled my 150k in equity I never refinanced or nothing just one remodifacation during covid cause the forced me to do a forbearance plan that screwed me saying I didn’t have to pay mortgage till it was over then they said I had to pay 35k in 30 days so that’s where the remodifacation came im and I paid it and then they took the money and sold my house to a lawfirm then changed the name of the lawfirm and sold it 2 more times then they wouldn’t except my mortgage relief from the government and the sheriff’s showed up and gave me 15 min to grab things andcthen the new owner through all my stuff in a dump box and I lost everything he through it all away and remodeled it and now sold it all in a few months and it still never foreclosed I dont think any of it was legal please help I know there is others from pennymac going through the same thing even the vets got issues because the did the same to them illegal foreclosures please look into it my number is 9712783645 thank you..
Pennymac loan services used insider trading and pushed people out of homes by sending people from California to split deeds and evict the home owners and even forged my name and made me remodify my loan and got me to pay 53k on a another loan and sold my housevtondiffersnt lawyers avoiding foreclosure cost and lied and said it sold at auction and when I came with mortgage relief they denied paying me on recorded lines and gave me a run around I never signed nothing and they did this to 1000s of people in Portland alone and now we are all homeless my address was 3242 se 150th Ave portland oregon I give you permission to look at the deeds and they said they sold my house 50% of market value at 270k and the guy who evicted me for non payment of rent and I dont even know who this guy is but he just sold it for 485k and I still owe the 53 k loan they took and the stole all the mortgage relief money too I believe as far I knew I wasn’t even in default at the time of the sale they just did all this without notify me and my co borrower my ex who never lived there I believe the bought her out and put this guy on there I was trying for years to take her off the deed and they said they couldn’t so I still never was asked to sign nothing so I should be entitled my 150k in equity I never refinanced or nothing just one remodifacation during covid cause the forced me to do a forbearance plan that screwed me saying I didn’t have to pay mortgage till it was over then they said I had to pay 35k in 30 days so that’s where the remodifacation came im and I paid it and then they took the money and sold my house to a lawfirm then changed the name of the lawfirm and sold it 2 more times then they wouldn’t except my mortgage relief from the government and the sheriff’s showed up and gave me 15 min to grab things andcthen the new owner through all my stuff in a dump box and I lost everything he through it all away and remodeled it and now sold it all in a few months and it still never foreclosed I dont think any of it was legal please help I know there is others from pennymac going through the same thing even the vets got issues because the did the same to them illegal foreclosures please look into it my number is 9712783645
The court documents stated that payments were to mailed out in a timeframe of up to 180 days (6 months) from the final approval which was May 16, 2017. November 16 is the last day for this to be met. All of the sudden, the security certificate for the settlement info website is invalid. I don’t see money soon, I will start a suit against the firm handling the payments. I bet they didn’t wait long to receive their money.
UPDATE: The PennyMac Loan Services Force-Placed Insurance settlement was granted final approval on May 16, 2017.  Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.
They say 6 months to a year???????