January 10, 2012 - The Office of Financial and Insurance Regulation (OFIR) announced today that it had recovered more than $25 million on behalf of Michigan consumers in 2011.
OFIR recovered more than $18 million by assisting consumers with their mortgage loan modifications. An additional $1 million involved funds recovered by OFIR for consumers who had disputes with their mortgage companies regarding payments, fees, escrow accounts and short sale issues.
More than $5 million of the recoveries were due to the reversal of claim denials and premium refunds involving auto, home, life and health insurance policies. The remaining recoveries were related to fee issues involving financial institutions and investment firms.
"OFIR's hard-working consumer assistance staff remains focused on helping Michigan citizens navigate through the state's complex financial service industry," OFIR Commissioner Kevin Clinton said.
OFIR consumer protection recoveries include all dollars recovered by OFIR for consumers filing insurance, security, financial institution, mortgage company and consumer finance complaints.
Michigan consumers can call OFIR's toll-free consumer hotline at (877) 999-6442.
To read more about OFIR's consumer assistance, visit: http://www.michigan.gov/lara/0,4601,7-154-10555_12902---,00.html
A guide on how to file consumer complaints can be found at:
http://www.michigan.gov/lara/0,4601,7-154-10555_12902_12907---,00.html
For more information about LARA, please visit www.michigan.gov/lara. Follow us on Twitter www.twitter.com/michiganLARA, "Like" us on Facebook or find us on YouTube www.youtube.com/michiganLARA.
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