OFIR Recovers $25M for Michigan Consumers in 2011

The Office of Financial and Insurance Regulation (OFIR) announced that it 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 consumer protection recoveries include all dollars recovered by OFIR for consumers filing insurance, security, financial institution, mortgage company and consumer finance complaints.