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This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
Specialized Loan Servicing, along with other defendants, have agreed to a settlement that will resolve claims regarding unfair lender placed insurance policy terms.
Under the settlement, compensation may be available for mortgage borrowers who were charged for a hazard, flood, flood gap, or wind-only lender placed insurance who were charged premiums by Specialized Loan Servicing LLC between Jan. 1, 2011 and Oct. 31, 2018.
A lender placed insurance policy can be issued by a mortgage lender if a borrower fails to provide sufficient homeowners insurance coverage or if coverage lapses for any reason.
Instead of homeowners directly paying the insurance companies, the lender puts a policy into place, pays the premiums, and charges those premiums to homeowners.
Although there is nothing illegal about a lender placed insurance policy, plaintiffs claimed that Specialized Loan Servicing accepted illegal kickbacks from insurance companies.
The plaintiffs also claim that this scheme and the process of choosing lender placed insurance policies resulted in excessive fees and premiums.
Claims against Specialized Loan Servicing, American Security Insurance Company, Standard Guaranty Insurance Company, and Voyager Indemnity Insurance Company have been settled, although none of the defendants admit any wrongdoing. Instead, a settlement provides an avenue for both defendants and plaintiffs to avoid the costs of further litigation.
Settlement Class Members are eligible to receive either three percent or six percent of their net premium. If they were charged the premium between Jan. 1, 2011 and July 30, 2015, Class Members can receive six percent. If they were charged the premium after Aug. 1, 2015, Class Members can receive three percent.
Class counsel plans to ask for up to $1.25 million in attorneys’ fees and expenses from the settlement fund. They will also request a $5,000 service award for the named plaintiff’s services during the class action lawsuit.
Class Members who want to be excluded from the terms of this settlement or object to it have until March 2, 2019 to do so.
Who’s Eligible
Mortgage borrowers who were charged by Specialized Loan Servicing for a hazard, flood, flood gap, or wind-only lender placed insurance between Jan. 1, 2011 and Oct. 31, 2018.
Potential Award
3% – 6% of the net premium paid.
If the claimant was charged by Specialized Loan Servicing between Jan. 1, 2011 and July 30, 2015, they can receive six percent of the net premium. Class Members who were charged after Aug. 1, 2015, can receive three percent of the net premium.
Proof of Purchase
A copy of a SLS mortgage statement, a valid form of identification and a partial Social Security number is required when submitting a claim.
Claim Form
NOTE:Â If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Claim Form Deadline
7/1/2019
Case Name
Smith v. Specialized Loan Servicing LLC, et al., Case No. 3:17-cv-06668-BRM-DEA, in the U.S. District Court for the District of New Jersey
Final Hearing
4/1/2019
UPDATE: The Specialized Loan Servicing LPI Class Action Settlement was granted final approval on April 1, 2019. Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.
UPDATE 2: TCA viewers started receiving Specialized Loan Servicing LPI Class Action Settlement checks on November 2, 2019 for as much as $129.26. Let us know if you received a check!
Settlement Website
SmithSettlementInfo.com
Claims Administrator
Smith v SLS Administrator
c/o Rust Consulting – 6288
PO Box 44
Minneapolis, MN 55440-0044
1-877-625-9420
Class Counsel
Adam Moskowitz
THE MOSKOWITZ LAW FIRM PLLC
Defense Counsel
Frank G. Burt
CARLTON FIELDS JORDEN BURT PA
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39 thoughts onSpecialized Loan Servicing LPI Class Action Settlement
Call 612-359-2052 about the update on Smith vs SLS Administrator. That number is from The Moskowitz Law Firm
2 Alhambra Plaza
Suite 601
Coral Gables, Florida
I’ve filed a claim. We sent ours before 7/1 as requested. Is there an update? We haven’t heard anything. Can you please respond? Those people put me and my family through hell.
It says within 180 days of approval but rust is slow..if anyone finds out please update. Oct maybe?
Please add me to the lawsuit
Please add me to Sps lawsuit
They are the most unethical loan servicing company to deal with
Rates go up even when you pay extra to keep your payment the same and affordable
Took forever to get a loan modification now coming due April 2020 raising my interests to huge high
Please add me to the list
THEY KEEP GOING UP ON MY MORGAGE EVERY YEAR CLAIMING THERE ESCROW ANALYSIS WAS OFF I HAVE FIXED RATE FROM MORGAGE SENT OVER FROM BANK OF AMERICA WHAT CAN I DO ABOUT THIS
The escrow consist of homeowners insurance, property tax, and mortgage insurance (if that applies to your loan). If you find that your mortgage is increasing do to the escrow then you can always shop around for cheaper insurance to help lower the payment. Also check with your state and see if they have a homestead exemption to help lower your property tax. If you need more help check with the CFPB they are a great recourse.
WOW I am having the same issue, but I was told that Specialize loan can Charge me two month in advance for my escrow.
S.L.S. has been robbing us blind-all of a sudden we have a 40 year loan on our home of 32 years!! We can Never get a straight answer when called!
Request a complete payment history so you can see how the payments are posted. Also get your original note and mortgage and review it. That may help clear up some answers.
I filed 1-31-2019…any news
I need a claim form please. Ive been working on this for 6 months. They added insurance of 200.00 monthly. I have always paid my insurance and house payment on time. I pay my insurance every month ontime. And for the laat 6 months they have been charging me double. Ive faxed documentaion and spoke to many of there representatives with no prevail.
Please include me in the lawsuit