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Residential Credit Solutions Forced-Placed Insurance Settlement

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Settlement Structure: 
Case Summary: 

Mortgage lender Residential Credit Solutions has agreed to settle a class action alleging that when it required borrowers to have LPI (lender-placed insurance, also known as force-placed insurance) on a mortgage or home equity loan, RCS placed the insurance in a manner that caused it to receive unauthorized benefits, unfairly raising the cost of the premiums.

At issue are LPI policies issued by Southwest Business Corporation, American Modern Insurance Group, Inc., American Modern Home Insurance Company, The Atlas Insurance Agency, Inc., Midwest Enterprises, Inc., American Family Home Insurance Company, American Modern Surplus Lines Insurance Company, American Western Home Insurance Company, American Southern Home Insurance Company, American Modern Insurance Company of Florida, Inc., American Modern Select Insurance Company, and American Modern Lloyds Insurance Company.

Docket Number: 
1:16-cv-25237-JG
Company: 
RCS
Class Period: 
Tuesday, January 1, 2008 to Wednesday, August 9, 2017
Filing Deadline: 
Wednesday, March 28, 2018
Objection Deadline: 
Wednesday, December 13, 2017
Exclusion Deadline: 
Wednesday, December 13, 2017
Final Approval Hearing: 
Monday, January 22, 2018
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