PHH - Mortgage Service Kickbacks class action settlement
The lawsuit claimed PHH Mortgage illegally took "kickbacks." They allegedly forced borrowers to pay for private mortgage insurance (PMI), then had the insurance companies funnel a portion of those premiums back to PHH through a "sham" reinsurance company. This practice supposedly kept insurance costs high for homeowners.
Payout amount
Up to $875
Deadline to claim
Expired
Eligibility
To be eligible you must meet the following criteria:
• You must have obtained a residential mortgage loan that was originated or acquired by PHH Corporation or its affiliates. • Your loan must have been originated or acquired between January 1, 2007, and December 31, 2009. • You must have purchased private mortgage insurance (PMI) in connection with that loan. • Your loan must have been included in PHH’s captive mortgage reinsurance agreements (typically through Atrium Insurance Corp.). • You must not have previously excluded yourself from the certified class in this action. Eligibility also extends to the successors, heirs, or assigns of original borrowers who meet the above criteria.
