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Force Placed Insurance

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How to avoid getting sucked into a force-placed insurance fight CFPB enforces 5 standards. Know them. March 18, 2014  Thanks to Jacob Gaffney Force-placed insurance is a controversial subject. It pulls big players such as Bank of America into big fights. While it is a necessary function in many instances, the charge for the service often draws ire. The Federal Housing Finance Agency announced last year it directed Fannie Mae and Freddie Mac to restrict forced-placed insurance practices, which is a follow up from a notice the agency published last March regarding its views on such practices. But that didn’t deal with requirements. The Consumer Financial Protection Bureau is in charge of that. As part of the new mortgage servicing rules from the CFPB there are some definite dos and don’ts both mortgage servicers and insurers need to be aware of. Luckily, Morningstar Credit Ratings vice president Richard Koch released a handy...

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