ALBANY, N.Y. (AP) — New York financial officials have reached a settlement with Assurant Inc. in an investigation of insurance policies issued to banks to cover mortgage loans that calls for the company to pay a $14 million penalty and for some homeowners to get refunds.

The settlement announced Thursday followed a Department of Financial Services investigation of “force-placed” insurance, which lenders buy from an insurance company when a homeowner fails to maintain coverage required by the mortgage, often because he or she is in financial trouble.