Consumer complaint received 2023-03-16
Company: JPMORGAN CHASE & CO.
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
Re ; Overcharging- Assurant lender Placed Insurance I dont know if the Consumer XXXX Bureau is the appropriate authority for lender placed insurance. If not can you forward to the correct agency or person? 
I am XXXX XXXX XXXX. I live in Florida. I am appealing to the Consumer Financial Protection Bureau for help. 
I am specifically asking consumer protection to weigh the possibility that XXXX should rebate at least part of the premiums already charged to homeowners subject to lender placed insurance. 
I believe XXXX XXXX the lender placed insurance company is overcharging premiums. The most financially fragile homeowners in the U.S are being taken advantage of, in fact, being run into foreclosures by some of the highest premiums and lowest claims payouts. 
These homeowners are required to pay for the operational details of placing lender chosen policies on mortgages, including the costs of tracking XXXX XXXX mortgages. ( Attached : XXXX : XXXX and XXXX Report, Fourth Quarter XXXX. ) The costs are rolled into some of the highest insurance premiums in the U.S. 
XXXX quarter over quarter XXXX is leveraging millions of dollars for stockholders through ongoing technological advances creating cost saving operational efficiencies in lender placed insurance. XXXX is posting XXXX XXXX dollars in the lender placed insurance business segment-payable to some of the wealthiest institutional stockholders in the world. 
My original homeowners insurance company cancelled my policy because of a XX/XX/XXXX claim. In Florida this made me uninsurable. 
Chase Bank imposed a lender placed policy on my mortgage from XX/XX/XXXX to XX/XX/XXXX which is Assurants third financial quarter XXXX to second quarter, XXXX. 
Between these dates XXXX reports ongoing digital advances in operational efficiencies in lender placed insurance leveraging millions of dollars in cost benefits for stockholders. 
Expense efficiencies from new system enhancements strengthened digital capabilities Investing digitalization. Create more cost efficiencies Profits expected to grow..operating efficiencies XXXX savings initiatives digital first XXXX XXXX leveraged in operational efficiencies XXXX in operations. Differentiating our tracking capacities improving efficiencies.. 
On XXXX, XXXX, XXXX and XXXX XXXX issued a news bulletin announcing new, state of the art, industry leading, proprietary information systems that seamlessly integrate homeowners ' insurance information between XXXX and mortgage lender including, tracking XXXX XXXX mortgages There is so much money in these advanced operational efficiencies that XXXX is advertising cost savings-cost benefits. ( Attached XX/XX/XXXX XXXX XXXX, XXXX advertisement ) However, there is no layer of consumer protection in the deep interface between these advanced information systems. 
Millions leveraged for stockholders by accelerating technology should be rightfully rebated to homeowners who already paid full price for the same operational details, including tracking XXXX XXXX mortgages. 
I was paying Assurants crushing premiums from XX/XX/XXXX to XX/XX/XXXX, XXXX cost could have caused the loss of my family home with more than {$100000.00} in equity. I never received any notice of intended rebate even after XX/XX/XXXX. 
In addition, XXXX should be adjusting premiums taking into account the cost benefits of these expanding technological advantages.

Company response to consumer: Closed with explanation