Borrowers Say They Were Overcharged In Lender-Placed Insurance Kickback Scheme
(April 5, 2016, 7:56 AM EDT) -- MIAMI — Residential mortgagors on March 8 filed an amended class action complaint in a Florida federal court alleging that the defendants conducted a scheme that overstated the cost of lender-placed insurance (LPI) and “intentionally exploited” their fear of foreclosure to induce payment of the overstated sums that exceeded what they contractually owed (Jeffrey Parker, et al. v. AHMSI Insurance Agency Inc. d/b/a Belt Line Insurance Agency, et al., No. 15-23840, S.D. Fla.).