Keller Rohrback L.L.P. Investigates Insurance Providers, Lenders, & Mortgage Servicers Regarding Private Mortgage Insurance (...
September 09 2015 - 09:38PM
Business Wire
Attorney Advertising. Keller Rohrback L.L.P. is
investigating private mortgage insurance providers, mortgage
servicers, and lenders regarding failures to terminate Private
Mortgage Insurance (“PMI”) or to timely return unearned insurance
premiums to borrowers as required by the Homeowners Protection Act
of 1998 (the “HPA” or the “Act”). According to attorney Amy
Williams-Derry, the failures in the private mortgage insurance
industry to timely cancel a borrower’s PMI when the insurance is no
longer legally required “artificially jack up borrower’s monthly
payment obligations and may be costing some families hundreds of
dollars each month.”
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20150909006827/en/
Keller Rohrback L.L.P. Investigates
Insurance Providers, Lenders, and Mortgage Servicers Regarding
Private Mortgage Insurance (“PMI”) (Photo: Business Wire)
Many lenders require PMI for borrowers whose equity in their
home is less than 20 percent, and who therefore have a
loan-to-value (“LTV”) ratio of greater than 80 percent. As recently
reported by The New York Times, the 1998 HPA put in place a new
requirement for mortgage lenders to terminate PMI after LTV ratios
decline. The Act sets automatic PMI termination based on the
original value of the loan and under the normal amortization
schedule when a borrower will reach an LTV ratio of 78 percent. For
borrowers in good standing who submit a written request, PMI may
sometimes be canceled when the LTV ratio reaches 80 percent.
In addition to failing to timely terminate or cancel PMI, some
servicers fail to appropriately return unearned PMI premiums to the
borrower, as required by the HPA. Indeed, some servicers place
unearned PMI premiums in a client’s escrow account, rather than
returning it directly to the borrower within 45 days, as the HPA
requires.
The Consumer Financial Protection Bureau (“CFPB”) recently
issued a compliance bulletin providing information to servicers
regarding their adherence to the HPA’s cancellation and termination
provisions. Private mortgage insurance companies may also be liable
under the Act.
According to National Mortgage News, as of June 2014 the seven
private mortgage insurance companies are:
United Guaranty Residential Insurance
Co.Radian Guaranty, Inc.Mortgage Guaranty Insurance Corp.Genworth
Financial, Inc. (NYSE:GNW)Essent Guaranty, Inc.Arch Mortgage
InsuranceNational Mortgage Insurance Corp.
If you have a residential mortgage that was implemented on or
after July 29, 1999 and you believe that you have been improperly
charged for PMI, or that unearned PMI premiums have not been
promptly returned to you, please contact attorney Amy
Williams-Derry via email or by calling 800.776.6044.
Keller Rohrback is one of America’s leading class action firms
handling cases for over two decades with a commitment to helping
consumers and investors recover losses due to breaches of fiduciary
duty, excessive fees, and other violations of law. With offices in
Seattle, Phoenix, New York, and Santa Barbara, Keller Rohrback
serves as lead and co-lead counsel in class actions throughout the
country. Our Complex Litigation Group is proud to offer its
expertise to clients nationwide, and our trial lawyers have
obtained judgments and settlements on behalf of clients in excess
of seven billion dollars.
Attorney Advertising. Prior Results Do Not Guarantee A Similar
Outcome.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150909006827/en/
Keller Rohrback L.L.P.Amy Williams-Derry, Attorney,
800-776-6044info@kellerrohrback.comwww.krcomplexlit.com
Genworth Financial (NYSE:GNW)
Historical Stock Chart
From Feb 2024 to Mar 2024
Genworth Financial (NYSE:GNW)
Historical Stock Chart
From Mar 2023 to Mar 2024