Excessive Hazard Insurance

12/12/2013

New Notice Requirements for Force-Placed Insurance

Force-Placed Insurance Lawsuits

Effective January 10, 2014, mortgage servicers are required to provide substantial new notice to consumers before charging any fees for force-placed insurances.  The new notice requirements are designed to better inform consumers of their mortgage obligations and to help prevent unnecessary force-placed policies. Under the new rules, a mortgage servicer must provide consumers with at least two notices before force-placing an initial insurance policy and a subsequent renewal notice if applicable.  If the servicer fails to comply with the notice requirements,... Read More