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This settlement is closed!
This 2012 Amerisave settlement is closed, and should not be confused to the 2020 open Amerisave settlement.
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
AmeriSave Mortgage Class Action Settlement
By Kimberly Mirando
AmeriSave Mortgage Corporation has reached a $3.1 million class action lawsuit settlement that, if approved, will resolve claims it improperly charged fees to customers that unsuccessfully applied for a mortgage loan or tried to lock in a mortgage rate.
The AmeriSave settlement will resolve a class action lawsuit, titled Sonoda, et al. v. AmeriSave Mortgage Corp., that accuses AmeriSave of misleading consumers seeking to lock in mortgage rates and then failing to lock in those rates. Additionally, the class action lawsuit claims AmeriSave broke the law by requiring consumers to pay a property appraisal fee before providing a Good Faith Estimate, making consumers who wanted to withdraw their application with AmeriSave pay a cancellation fee, and charging a credit check fee that exceeded the amount of AmeriSave’s cost to obtain the credit check.
AmeriSave denies any wrongdoing but has agreed to a $3.1 million class action lawsuit settlement to resolve the litigation.
Class Members of the AmeriSave class action settlement include all customers of AmeriSave who applied for a mortgage loan and did not obtain one, and (1) paid a property appraisal fee between August 18, 2008 and October 12, 2012, (2) paid a cancellation fee between August 8, 2007 and June 5, 2012, and/or (3) paid a credit check fee that exceeded the amount of AmeriSave’s cost to obtain the credit check between July 30, 2009 and May 9, 2011.
Under the proposed AmeriSave class action lawsuit settlement, Class Members can receive a percentage refund of any of the three fees they paid, based on the amount of money available in the Settlement Fund. This percentage may change, but based on current estimates, the percentage is approximately 13.573%. So, for example, if you paid a cancellation fee of $500, you would receive $67.87. If you paid a property appraisal fee of $300, you would receive $40.72. If you paid a credit check fee overcharge of $25, you would receive $3.39. If you paid two or three of those fees, you would receive those amounts added together.
Class Members of the AmeriSave class action settlement will automatically receive a check by mail unless they exclude themselves by the deadline of January 11, 2013. No Claim Form is required to receive benefits. AmeriSave has records of its customers and the payments that they made.
A Final Fairness Hearing is scheduled for February 28, 2013.
More information on your rights in the AmeriSave Mortgage Class Action Lawsuit Settlement can be found at www.AmerisaveMortgageSettlement.com. Detailed instructions on how to file a claim can be found in our Open Lawsuit Settlements section.
Updated November 16th, 2012
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5 thoughts onAmeriSave Mortgage Class Action Settlement
So it appears that Amerisave is up to the same shenanigans once again. They just did the same thing to my friends elderly mother who was looking to refinance. They took her $500 for an appraisal that never happened. They gave her an appointment date, no one showed up to conduct the appraisal, there was no communication, no answers and no refund. Not even the courtesy of letting her know they denied her refinance. Mind you, she has a credit score of just shy of 800! Never misses any bill payments, ever. So I’m quite curious, why in the world would they deny her a loan? Why would they keep stringing her along? Why haven’t they been put out of business? This cannot continue!
I refinanced two times and received a check March 2016 for $97
i never got a check at all, and i refi’d 3 times through these guys – so 3 appraisals and 3 credit checks. Who stole my money?
Interesting. Received a check for $2.93. Wonder which of the lawyers involved didn’t claim that unnecessary expenditure. I’m reasonably sure that the very vast majority of those receiving checks would have forgone their “windfall” in order that these lawyers would have been deprived of a deep pocket to delve into for their own nefarious reasons.
the link to amerisavemortgagesettlement.com is broken and doesn’t open