Troutman Pepper Locke achieved a significant ruling in the Fourth Circuit Court of Appeals for National Mortgage Insurance Corporation (NMIC) in Kovachevich v. National Mortgage Insurance Corporation, a pivotal case concerning the Homeowners Protection Act (HPA).
The Fourth Circuit Court of Appeals affirmed the dismissal of a class action claim against National Mortgage Insurance Corporation (NMIC) under the Homeowners Protection Act (HPA). This landmark ruling clarifies that HPA refunds of unearned premiums are only required when specific statutory benchmarks are met. The plaintiff sought a refund for private mortgage insurance (PMI) without meeting these criteria. The court’s decision, the first of its kind at the circuit level, provides crucial guidance to the mortgage insurance industry, reinforcing that refunds are not mandated unless HPA conditions are satisfied.
The Troutman Pepper Locke litigators that successfully defended NMIC against the putative class action HPA claim included Greg Casamento, Joe Froehlich, and Vienna Messina.