“JPMorgan and Assurant did not admit any wrongdoing as part of the settlement, which was in documents filed late on Friday in a Miami federal court.”
It’s about time they put a stop to this nonsense. The 2 companies collectively made $1 billion since 2008 and pay a $300 mil fine, and admit no wrongdoing. How about a $1.5 billion fine and admit wrongdoing? But hey, we need to deregulate these scam artists… you bet
Bubba, in my opinion, it all goes back to the deregulation that allowed banks to sell insurance in the first place. They’re just taking it to a new level. If you check Assurent’s websites you’ll learn they provide lender-placed programs and related outsourcing services. Some of the faxes I receive from the “mortgage company’s insurance service center” actually say “Assurant” at the top. One of their core insurance outsourcing services is document tracking and follow-up, inbournd and outbound insruance customer service as well as Hazard insurance line set-up. I can see why anyone might feel a conflict of interest could exist.
Hey Bubba, apparently you dont understand the real charges here or so your downplay of these suits.Maybe the Citi and Assurant settlement of Florida will help you out.
This apparent mortgage company abuse of client relationships is one reason I closely monitor all requests for client/policy information. Too often I find mortgage companies request information they are not entitled to; like the renewal premiums on non-escrowed home insurance policies. Of course lenders need the information on new loans and escrowed accounts, to develop the loan package, comply with truth-in-lending requirements and to disburse payments. But no mortgage company has explained to me why they need renewal insurance premiums on an existing, non-escrowed mortgage loans. They push back (hard) when I refuse, but eventually they acknowledge they don’t have a real reason for requiring it. With this information it would be easy for their “affiliate” to send insurance quotes to my clients. They are a creative bunch, I’ll give them that. How many times do you get the COI request due to a change of mortgage address? They almost always include a BTW request for the premium and a paid invoice or receipt. And don’t overlook the ever popular mortgage change of address from one town to another, where the PO Box and zip remain the same? Yep, you guessed it the PO Box gets the mail no matter the town is listed and the BTW request for premium and paid invoice will be made at the same time. Have you read the privacy notices your bank sends? You’ll likely find they notify you they can and will send your private information to their affiliates for joint marketing purposes and they may derive an income. Protect your client and their privacy; stop rubber stamping mortgage company requests. Read the authorization your client signed and learn exactly what they approved. I think you’ll learn it is not as broad as the mortgage company would lead you to believe.
As of this date the big bank and lawyers win but the rest of us class action members walk out with very little for our pain suffering and losses in this whole ordeal , we get back 12.5% and an additional relief that for some reason is a big secret as the website/ court doc don’t tell , Anyone know how much the extra so called relief is in $ . thanks
“JPMorgan and Assurant did not admit any wrongdoing as part of the settlement, which was in documents filed late on Friday in a Miami federal court.”
It’s about time they put a stop to this nonsense. The 2 companies collectively made $1 billion since 2008 and pay a $300 mil fine, and admit no wrongdoing. How about a $1.5 billion fine and admit wrongdoing? But hey, we need to deregulate these scam artists… you bet
Bubba, in my opinion, it all goes back to the deregulation that allowed banks to sell insurance in the first place. They’re just taking it to a new level. If you check Assurent’s websites you’ll learn they provide lender-placed programs and related outsourcing services. Some of the faxes I receive from the “mortgage company’s insurance service center” actually say “Assurant” at the top. One of their core insurance outsourcing services is document tracking and follow-up, inbournd and outbound insruance customer service as well as Hazard insurance line set-up. I can see why anyone might feel a conflict of interest could exist.
Hey Bubba, apparently you dont understand the real charges here or so your downplay of these suits.Maybe the Citi and Assurant settlement of Florida will help you out.
This apparent mortgage company abuse of client relationships is one reason I closely monitor all requests for client/policy information. Too often I find mortgage companies request information they are not entitled to; like the renewal premiums on non-escrowed home insurance policies. Of course lenders need the information on new loans and escrowed accounts, to develop the loan package, comply with truth-in-lending requirements and to disburse payments. But no mortgage company has explained to me why they need renewal insurance premiums on an existing, non-escrowed mortgage loans. They push back (hard) when I refuse, but eventually they acknowledge they don’t have a real reason for requiring it. With this information it would be easy for their “affiliate” to send insurance quotes to my clients. They are a creative bunch, I’ll give them that. How many times do you get the COI request due to a change of mortgage address? They almost always include a BTW request for the premium and a paid invoice or receipt. And don’t overlook the ever popular mortgage change of address from one town to another, where the PO Box and zip remain the same? Yep, you guessed it the PO Box gets the mail no matter the town is listed and the BTW request for premium and paid invoice will be made at the same time. Have you read the privacy notices your bank sends? You’ll likely find they notify you they can and will send your private information to their affiliates for joint marketing purposes and they may derive an income. Protect your client and their privacy; stop rubber stamping mortgage company requests. Read the authorization your client signed and learn exactly what they approved. I think you’ll learn it is not as broad as the mortgage company would lead you to believe.
As of this date the big bank and lawyers win but the rest of us class action members walk out with very little for our pain suffering and losses in this whole ordeal , we get back 12.5% and an additional relief that for some reason is a big secret as the website/ court doc don’t tell , Anyone know how much the extra so called relief is in $ . thanks