Haeggquist & Eck, LLP Announces Investigation Regarding Whether PennyMac Required Home Owners to Purchase Excess Homeowners’ Insurance for Home Loans and Home Loan Refinancing
18 Novembre 2021 - 3:01PM
Business Wire
Haeggquist & Eck, LLP, a leading consumer rights litigation
firm, is investigating whether lending practices by PennyMac Loan
Services, LLC (“PennyMac”) violated California law by requiring
home owners to purchase excess homeowners’ insurance for home loans
and/or home loan refinancing.
PennyMac is a home-loan originator for first and second
mortgages and/or refinances home loans with its headquarters in
Westlake Village, California.
If you purchased or refinanced a home recently, your rights
under California law may have been violated. If PennyMac or another
lender required you to purchase hazard insurance coverage that
exceeds the replacement value of your home, you may have a legal
claim.
In California, lenders may require homeowners to have hazard
insurance (also called homeowners, fire, or flood insurance) as a
condition of extending the loan. However, the lender may not
require a borrower to purchase insurance over and above the cost of
replacing the buildings on the property. In other words, you cannot
be required to purchase more insurance than would cover the cost of
constructing a new home on your property.
What You Can Do
If PennyMac or another lender required you to purchase hazard
insurance coverage that exceeds the replacement value of your home,
you may have a legal claim. If you wish to discuss this
investigation, or have questions about this notice or your legal
rights, please contact attorneys Amber Eck or Ian Pike at
619-342-8000 or e-mail them at ambere@haelaw.com or
ianp@haelaw.com. There is no cost or obligation to you.
Haeggquist & Eck, LLP is a nationally recognized leader in
consumer rights law. The firm represents individuals in consumer
and securities class actions, and members of the firm have helped
consumers and shareholders recover more than $1 billion of
value.
This release constitutes attorney advertising. Past results do
not guarantee a similar outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20211118005231/en/
Haeggquist & Eck, LLP 619-342-8000 Amber Eck,
ambere@haelaw.com or Ian Pike, ianp@haelaw.com
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