Top Class Actions  |  February 25, 2019

Category: Closed Class Actions

Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.

This settlement is closed!

Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!

couple moving into new home

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

CLICK HERE TO FILE A CLAIM »

NOTE: 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

We tell you about cash you can claim EVERY WEEK! Sign up for our free newsletter.

39 thoughts onSpecialized Loan Servicing LPI Class Action Settlement

  1. johann says:

    how can you settle for this ridiculous amount after paying 30000 d0llars for a year off payment off the foreplace insurance of which they increase it 7 t0 8 times the amount of what the insurance cost they have gotten away with deceptive business practice not only that all the banks that transferred the loans to them should also be responsible where are these actually insurance policies that they placed and who owns them , they could have been fraud and illegal tactics , why have the state attorneys don’t look into this, there should be an attorney that can open this case and this injustice

  2. johaan says:

    how can you settle for this ridiculous amount after paying 30000 d0llars for a year off payment off the foreplace insurance of which they increase it 7 t0 8 times the amount of what the insurance cost they have gotten away with deceptive business practice not only that all the banks that transferred the loans to them should also be responsible where are these actually insurance policies that they placed and who owns them , they could have been fraud and illegal tactics , why have the state attorneys don’t look into this, there should be an attorney that can open this case and this injustice

  3. Ethel Harvey says:

    To whom it may concern i need a replacement check I received my check for October the 29th 2019 and misplaced it and it expired January 27th 2020 I need a replacement check check number 2495 claim number 0 0 0 0 0 0 2 5 5 5 Smith v Settlement Amount for $198 Dollar pay to the order of Ethel L Harvey control number 0000987875. Could you please resent my check please I am a senior citizen and I can really use the money I lost the mail and just now finding it some please send me my check back

  4. #distraughtpayout says:

    I feel like the class action suit was a second blow to our already fragile pockets. How in the world does 1 year’s worth of premium return justify the scam SLS put us through!!! This class action suit was a JOKE!!!

    1. Edward says:

      Not for the lawyers that makes millions on the class shoulders

  5. Hugins says:

    I did not receive a settlement check. “ Have they finish mailing the checks? 877-625-9420 is not a working number.

    1. Elizabeth Foster says:

      Where is my check I didn’t receive

  6. Hugins says:

    I did not receive a settlement check. “ Have they finish mailing the checks? 877-625-9420 is not a working number.

  7. Hawke says:

    Does anyone know if these checks were all sent out at the same time? I still have not received mine.

  8. Debra says:

    Received 34.47 was not enough!!!

    1. Beachbabi says:

      I didn’t feel as though my refund of $126.96 was 3% or 6% of the many years SLS imposed the force placed insurance policy on my property. Rust should include an accounting with the check, but they don’t. I would like to see the math for arriving at these figures.

Leave a Reply

Your email address will not be published. By submitting your comment and contact information, you agree to receive marketing emails from Top Class Actions regarding this and/or similar lawsuits or settlements, and/or to be contacted by an attorney or law firm to discuss the details of your potential case at no charge to you if you qualify. Required fields are marked *

Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.