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NEW YORK (MainStreet)–I saw Force-Placed Insurance, the practice where banks force mortgage borrowers to have insurance, bubbling in the media again toward the end of March, but I was busy with my.
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Miniter group offers hazard, flood, and lender-placed insurance tracking solutions for bank and credit union lenders. Our Borrower-Centric approach to insurance tracking helps the borrower maintain their own policy, which minimize force-placement.
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Also known as lender-placed insurance, force-placed insurance is exactly what it sounds like: an insurance policy that your lender forces on you. This coverage is designed to protect the lender’s property – the vehicle you’re financing – and the lender will charge you for the insurance.
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HSBC will pay a fine of $4 million as part of a settlement with the state of Massachusetts over charges that the bank took commissions and kickbacks for force-placed insurance policies. According to.
The ability to provide force-placed insurance allows banks to protect properties that they have the mortgage for in case of disaster. The bank forwards the premium to the insurer, the insurer pays a commission to the bank and the homeowner is billed for the premium and commissions.
Problems in Wells’ auto division have turned the industry’s focus to lender-placed auto insurance – also referred to as collateral-protection insurance, or force-placed insurance. Wells, which is still reeling from last fall’s phony-accounts scandal, unnecessarily charged more than a half a million customers for coverage provided through National General, Wells said in a July 27 statement.
Lien holders will put forced place insurance onto a mortgaged property in cases where the borrower allows the coverage they were required to purchase to lapse. Lapses may be due to non-payment of premium, filing false claims, or other reasons. forced place insurance will protect the property, the homeowner, and the lien holder.
Have you been charged a premium by your bank, lender, or loan servicer, for lender placed or force-placed insurance? Call us at (888) 252-0048 for help!