Haeggquist & Eck, LLP Announces Investigation into Whether PennyMac Required Homeowners to Purchase Excess Home Insurance for Home Loans and Home Loan Refinancing
SAN DIEGO, November 18, 2021– (BUSINESS WIRE) – Haeggquist & Eck, LLP, a leading consumer rights litigation firm, is investigating whether the lending practices of PennyMac Loan Services, LLC (“PennyMac”) violated California law by requiring homeowners to purchase excess home insurance. for mortgage loans and / or mortgage refinancing.
PennyMac is a home loan originator for first and second mortgages and / or mortgage refinances with its head office in Westlake Village, California.
If you’ve bought or refinanced a home recently, your rights under California law may have been violated. If PennyMac or another lender asked you to purchase risk insurance that exceeds the replacement value of your home, you could have legal action.
In California, lenders may require homeowners to have risk insurance (also known as home, fire, or flood insurance) as a condition of extending the loan. However, the lender cannot require a borrower to purchase insurance in addition to the cost of replacing buildings on the property. In other words, you cannot be required to carry more insurance than what would cover the cost of building a new home on your property.
What you can do
If PennyMac or another lender asked you to purchase risk insurance that exceeds the replacement value of your home, you could have legal action. If you would like to discuss this investigation or have any questions about this notice or your legal rights, please contact Lawyers Amber Eck or Ian Pike at 619-342-8000 or by email at [email protected] or ianp @ haelaw. com. There is no cost or obligation for you.
Haeggquist & Eck, LLP is a nationally recognized leader in consumer law. The firm represents individuals in consumer and securities class actions, and firm members have helped consumers and shareholders recover more than $ 1 billion in value.
This press release constitutes an attorney’s advertisement. Past results do not guarantee a similar result.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211118005231/en/
Contacts
Haeggquist & Eck, srl
619-342-8000
Amber Eck, [email protected] or Ian Pike, [email protected]