NewRez LLC of Fort Washington will pay a $15.5 million settlement to state financial agencies in 46 states for improperly imposing “force-placed” insurance costs on borrowers who already had active homeowners’ insurance policies.
NewRez, located at 1100 Virginia Drive, is a one of the nation’s largest mortgage servicers and is licensed to operate across all 50 states.
According to a press release issued by the District of Columbia Department of Insurance, Securities & Banking, the company worked with state regulators “to self-identify and proactively remediate more than $4.5 million to impacted borrowers, and it will pay nearly an additional $11 million for costs and penalties.”…