AmeriSave Mortgage Class Action Settlement By Kimberly Mirando
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 Mortgage Class Action Settlement
By Kimberly Mirando
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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