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CitiMortgage LPI Class Action Settlement
By Matt O’Donnell
 

CitiMortgageA class action lawsuit settlement has been reached with CitiMortgage, Inc. concerning premium amounts charged in connection with CMI’s lender placed insurance program on California properties. If you were a California borrower of CitiMortgage and paid for lender-placed insurance on your loan between 2004 and 2010 that was not subsequently cancelled at no charge to you, you might be eligible claim up to $95 from the class action settlement.

 

The CitiMortgage settlement will resolve a 2008 class action lawsuit, entitled Rounds v. CitiMortgage, Inc., that accuses CMI of allowing the assessment of excessive premiums on its lender placed insurance (LPI) program on California properties. CitiMortgage denies any wrongdoing but has agreed to pay up to $2 million to resolve the case.

 

You’re considered a class member and eligible to receive money from of the CitiMortgage class action lawsuit settlement if you were a California borrower of CitiMortgage and paid for lender placed insurance (LPI) on your CMI loan from March 4, 2004 through August 10, 2010, and that insurance was not subsequently cancelled at no charge to you.

 

To receive a payment of up to $95 from the CitiMortgage LPI settlement, you must submit a claim form postmarked by February 12, 2011. If you wish to exclude yourself from the settlement or object to it, you must submit your request or objection no later than February 8, 2011.

 

CitiMortgage has also agreed that, with respect to its LPI program, the rate of commissions paid to an affiliate shall be 12%, and a fee in the amount of $0.38 for tracking compliance with insurance obligations shall apply for the next two years.

 

Claim forms and more information about your rights in the CitiMortgage Lender Placed Insurance Loan Class Action Lawsuit Settlement can be found on the Settlement Administrator’s website at www.BC386656.com.

 

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Updated January 28th, 2010

 

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3 Comments

  • Anonymous February 27, 2012

    I started falling behind on my mortgage late in 2011. In late 01/12 and early 02/12, I spoke to CitiMortgage reps. via telephone on several occasions, and told them that I would start catching up in mid Feb.

    I scheduled a payment on 14 Feb for 17 Feb. It was accepted, and the withdrawal of the funds appeared on my bank account on Feb 21. However, the payment has never been recorded in the CitiMortgage files.

    I accessed CitiMortgagpe online on 18 Feb to schedule another payment, and access was denied. Subsequent attempts to deal with them on these matters have produced no results. i am ready to fulfill my obligations, but they will not allow it.

  • michael wade January 21, 2013

    I fell behind on my mortgage payment ,made arrangement with Citi Mortgage . my payments was 900.00 I was paying 1200.00 to catch up and they was still sending letters out telling me that they wanted all the money and the money was taken out of my bank acct. every time the payments was made I would get phone calls telling me that I need to pay the hole amount they sent me through the mill for over a year until I just walked away didn’t know what to do

    • patty dirkes May 27, 2014

      Am very frustrated with the way my payments have been applied and am uncertain regarding if all were applied to my mortgage. Have now received notices that I am behind several payments. When I question this I cannot get a straight clear answer. Just keep getting several different answers from different representative. Started a loan modification in November and after a very long process it was not approved and it took until May to finally get completed. Meanwhile I have been making payments but my principal balance has not been effected. Alot is going to interest. Very frustrated with the whole process. Wish I could pay the whole amount and just walk away from it!

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