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Just received an e-mail about this. It applies to those who applied for a mortgage with Amerisave, did not obtain a mortgage from Amerisave, and had any of these three situations occur:

(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
(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.

Amerisave was known in certain cases to not lock the rate (and provide a GFE) until a property appraisal was performed and the appraial fee paid.

Among those excluded from this class action are people to whom Amerisave refunded the above fee(s) and people for whom Amerisave credited the fee(s) to a subsequently completed mortgage loan.



NOTICE OF CLASS ACTION SETTLEMENT

A settlement has been proposed in a class action lawsuit about fees charged by Amerisave Mortgage Corporation (“Amerisave”). The Settlement provides compensation to consumers who applied for a mortgage loan from Amerisave, did not obtain a mortgage loan from Amerisave, and paid certain fees. You have received this notice because records indicate you may be a member of the Class. If you qualify, you will receive a payment if the Settlement is approved without any further action on your part. You may instead choose to exclude yourself from the Settlement, or object to it.

To learn more about the Settlement and to see a full notice explaining your rights and benefits go to AmerisaveMortgageSettlement.com.


Plaintiffs Junichiro Sonoda, Lien Duong, and Marvin Kupersmit filed this class action against Amerisave. The lawsuit alleges that Amerisave misled consumers who sought to lock in mortgage rates, requiring them to pay a property appraisal fee before providing a Good Faith Estimate, charging a cancellation fee, and charging a credit check fee that exceeded the amount of Amerisave’s cost to obtain the credit check. Plaintiffs alleged that each of these is a violation of the law. Amerisave has denied any wrongdoing.

The Settlement:
The proposed Class Settlement will provide a cash payment if you applied for a mortgage loan from Amerisave (either as a borrower or co-borrower), did not obtain a mortgage loan from Amerisave based on that application, and in connection with that application (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. Excluded are all persons (i) who have settled or released these claims against Amerisave, (ii) who previously received a full refund of the disputed charges, and (iii) who previously had the full amount of the disputed charges applied to a subsequent mortgage loan application that was accepted and the mortgage loan was funded.

If the Court approves the Settlement, you may be entitled to a cash payment, the size of which will depend upon which fee(s) you paid. The Settlement provides that Amerisave will pay a total of $3.1 million towards resolution of these claims, Class Counsel’s attorneys’ fees, service awards to the Plaintiffs, and the cost of administering the Settlement.

If you qualify as a member of the Class, it has been determined based on the Loss Formula provided in the Plan that you will receive approximately 13.573% of the appraisal fee, cancellation fee, and/or excessive credit check fee.

Your Rights:
To participate: If you qualify, you can simply do nothing and receive a payment. If your mortgage loan application had co-borrowers, the payment will be made to the Class Member who was identified as the borrower on the application. You will release all your claims against Amerisave about the legal issues in this case. This means that all of the Court’s orders will apply and be legally binding on you. You may, but are not required to, enter an appearance through an attorney if you desire.

To exclude yourself: If you do not want a payment and you do not want to be legally bound by the Settlement, your “opt-out” request must be postmarked by January 11, 2013, and sent to: Amerisave Mortgage Settlement, Settlement Administrator, EXCLUSIONS, c/o A.B. Data, Ltd., PO Box 170500, Milwaukee, WI 53217-8042. Your request to opt out of the Settlement Class must contain your original signature, current postal address, and a specific statement that you want to be excluded from the Settlement Class. If you do not exclude yourself by that date, you will be bound by the release of claims and judgment in this Settlement.

To object: If you remain in the Class, any objection you have to the Settlement must be received by January 11, 2013. You may also object to Class Counsel’s application for attorneys’ fees and expenses, which must be postmarked by January 11, 2013. Please note that, if you make an objection and that objection is rejected by the Court, you will be bound by the Settlement if it is approved. The only way not to be bound by the Settlement is to exclude yourself from the Settlement (i.e., opt-out).

The hearing: The Court will hold a hearing in this case (Sonoda, et al. v. Amerisave Mortgage Corp., Case No. 3:11-cv-01803) on February 28, 2013, at the United States District Court for the Northern District of California to consider whether to approve (1) the Settlement as fair and reasonable and (2) an award of attorneys’ fees and expenses of up to $775,000 and a service award to each Named Plaintiff of $5,000.

Member Summary
Most Recent Posts
$2.55. The only ones that make out, are the Lawyers...the rest of us harmed, go buy yourself a cup a coffee!

umagwa (May. 05, 2013 @ 8:45a) |

$2.55. The only ones that make out, are the Lawyers...the rest of us harmed, go buy yourself a cup a coffee!

umagwa (May. 05, 2013 @ 8:45a) |

Just got a check for $44.92. I wonder how they decide how much you get. I see reports of checks from a low of $2.95 to ... (more)

elmommy (Jul. 03, 2013 @ 12:50a) |

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Is this Class Action targeted?

You need to add a 4th bullet to your list:

(4) Did not obtain a mortgage loan from Amerisave.

parmenides said:   You need to add a 4th bullet to your list:

(4) Did not obtain a mortgage loan from Amerisave.

Thanks for catching that! I forgot to include this condition in my summary. I added it to the preliminary information (and bolded it) rather than adding a fourth bullet point to the summary.

I don't see an opt in form?

I hate class action lawsuits. Consumers get almost nothing while the attorneys suing make fortunes. I highly recommend against joining class action lawsuits unless you want to just enrich a bunch of lawyers. Look at some of the bigger class action lawsuits, many lawyers getting TENS of millions of dollars in the settlement and the poor consumer who was injured each get $5-$20 in cash or "certificates" for future purchases. These class action lawsuits really hurt the consumer in the long run.

treasurebeacon said:   I don't see an opt in form?
As the "your rights" section says, if you qualify, do nothing and you'll receive a payment, if appropriate. OTOH, if you wish to opt out, there is a process for that.

treasurebeacon said:   I don't see an opt in form?
Do you fit the requirements? I received an e-mail. There's contact info for the settlement administrator on the web site glxpass linked to if you think you should have gotten one as well.

jcohen73 said:   I hate class action lawsuits. Consumers get almost nothing while the attorneys suing make fortunes. I highly recommend against joining class action lawsuits unless you want to just enrich a bunch of lawyers. Look at some of the bigger class action lawsuits, many lawyers getting TENS of millions of dollars in the settlement and the poor consumer who was injured each get $5-$20 in cash or "certificates" for future purchases. These class action lawsuits really hurt the consumer in the long run.
Meh, I'm perfectly fine with this one since it means I get $55 back of the $400 I wrote off as a mistake of doing business with this shady company ages ago.

I closed on my amerisave refinance a few weeks ago. I was pissed when they charged me for an appraisal on a streamline refinance. They refunded me the full cost of $375. Anyway, I can see how they would get sued over their practices.

EDIT: I recall I applied for a mortgage with them a year ago, never closed, and was charged a credit report fee. Woot! I might get a check for $7.

RedCelicaGT said:   I closed on my amerisave refinance a few weeks ago. I was pissed when they charged me for an appraisal on a streamline refinance. They refunded me the full cost of $375. Anyway, I can see how they would get sued over their practices.

EDIT: I recall I applied for a mortgage with them a year ago, never closed, and was charged a credit report fee. Woot! I might get a check for $7.


They have a streamline process? or how did you get this? I am doing a second refi in 8 months and requested a streamline but I was told they had to do all the motions.

simmias said:   treasurebeacon said:   I don't see an opt in form?
Do you fit the requirements? I received an e-mail. There's contact info for the settlement administrator on the web site glxpass linked to if you think you should have gotten one as well.


yep I had one of my Amerisave Refi's which did not result in a mortgage, but the other amerisave refi's did result in mortgages though

i wonder if the 'did not obtain a mortgage from amerisave' clause means 'did not obtain ANY mortgages from amerisave'

treasurebeacon said:   yep I had one of my Amerisave Refi's which did not result in a mortgage, but the other amerisave refi's did result in mortgages though

i wonder if the 'did not obtain a mortgage from amerisave' clause means 'did not obtain ANY mortgages from amerisave'


Here's the Settlement Class defined:

“Settlement Class” means all individuals and entities who (whether as a borrower or a co-borrower) made an application for a mortgage loan to Defendant, did not obtain a mortgage loan from Defendant based on that application, and in connection with that application: (i) were charged a credit check fee by Defendant that exceeded the amount of Defendant’s cost to obtain the credit check and paid said fee between July 30, 2009 and May 9, 2011; and/or (ii) were charged a property appraisal fee and paid the appraisal fee to Defendant between August 18, 2008 and the date the Preliminary Approval Order is entered; and/or (iii) were charged a cancellation fee by Defendant and paid said fee to Defendant between August 8, 2007 and June 5, 2012. Settlement Class, however, shall not include: (i) all judicial officers in the United States and their families; (ii) all officers, directors, employees or counsel of Amerisave; (iii) all persons who have already settled or otherwise compromised and released these claims
against the Released Parties; (iv) all persons who previously received a full refund of the disputed credit check, appraisal, and/or cancellation fees; (v) all persons who previously had the full amount of the disputed credit check and/or appraisal fees applied to a subsequent mortgage loan application that was accepted and the mortgage loan was funded; and (vi) all persons who Opt-out.

I added the most important relevant exclusions from the Class Settlement to my summary in the OP.

Awwww, I don't qualify.

I applied with these scumbags, and they sent out a 12 year old to do the appraisal who used comps that were laughably off target. Zero-lot home compared to our 2 acres; Homes with no outbuuildings compared to our $20,000 barn built to match the house; Stripped houses that went to foreclosure, etc...

Fortunately or unfortunately, I can't file a claim because I disputed the charge and was protected. Thank you AMEX!

jcohen73 said:   I hate class action lawsuits. Consumers get almost nothing while the attorneys suing make fortunes. I highly recommend against joining class action lawsuits unless you want to just enrich a bunch of lawyers. Look at some of the bigger class action lawsuits, many lawyers getting TENS of millions of dollars in the settlement and the poor consumer who was injured each get $5-$20 in cash or "certificates" for future purchases. These class action lawsuits really hurt the consumer in the long run.

So you work for free?
You sue many bad companys out of your own pocket to protect others?

For every one of the "many lawyers getting TENS of millions of dollars in the settlement" there are hundreds of cases they work that do not produce any money.

Claymore said:   Awwww, I don't qualify.

I applied with these scumbags, and they sent out a 12 year old to do the appraisal who used comps that were laughably off target. Zero-lot home compared to our 2 acres; Homes with no outbuuildings compared to our $20,000 barn built to match the house; Stripped houses that went to foreclosure, etc...

Fortunately or unfortunately, I can't file a claim because I disputed the charge and was protected. Thank you AMEX!


You can thank government regulations for that poor appraisal and not the mortgage company. Mortgage company now has NO control who goes out and does the appraisal.. All thanks to the lawyers and government for trying to protect people.

I am not trying to stand up for any mortgage company, but place the blame where it is due and not on the wrong party.

All of the Amerisave mortgages that I have applied for I have closed on.

Claymore said:   Awwww, I don't qualify.

I applied with these scumbags, and they sent out a 12 year old to do the appraisal who used comps that were laughably off target. Zero-lot home compared to our 2 acres; Homes with no outbuuildings compared to our $20,000 barn built to match the house; Stripped houses that went to foreclosure, etc...

Fortunately or unfortunately, I can't file a claim because I disputed the charge and was protected. Thank you AMEX!


wait... so if your property does not appraise as high as you think it is, you simply dispute the charge?..

Well, it's been over 2 months now since I had my appraisal done and still haven't heard back from Amerisave about the status of my appraisal rebuttal. They told me it would take 5 days, but that's long past. Each time I contact them, they just say I'll check with my manager, but never get back to me. Guess I am entitled to be opted in as I'm done sending them in additional information to keep the file open.

Bump.

I just received a check for $41.16. Amerisave started the mortgage process, charged me for the credit report, then another $300 for an appraisal. Then things stopped cold. After 6 weeks of nothing I went to another mortgage broker where I was informed they had run my credit 6 times, thereby lowering my rating enough that I would no longer qualify for the lowest rates. Thank God I had not provided my wife's SSN, se we did a mortgage in 3 weeks through Quicken Loans. Amerisave is a crooked outfit.

Got a check of $2.93 today... Not even enough for a Big Mac meal!

I got 47.78 check

I guess I should be looking out for my $4 check! Yeah Money!

I just received a check for $43.96... I assume this is safe to cash/deposit??

$47.78. Sadly doesn't make up for the waste of time with this terrible company.

mimi6789 said:   Got a check of $2.93 today... Not even enough for a Big Mac meal!
$3.50 for me. My HH status is now assured.

Got a check for $65.00. Sold the house in 2008. I did not even know I was part of the settlement class.

$2.93... so sad, but happy since it means I was only taken for the cost of the credit report.

We applied for mortgage last spring. Paid $375.00 appraisal fee plus fee for pulling credit report. Despite of excellent credit score, credit was denied. The reason they stated was that the property was unacceptable for the loan. We applied with another company and got a better loan. Last week we got settlement amount $47.78. Do I have to report this as income to IRS and pay tax for $48.78 ?

philipthomas4 said:   We applied for mortgage last spring. Paid $375.00 appraisal fee plus fee for pulling credit report. Despite of excellent credit score, credit was denied. The reason they stated was that the property was unacceptable for the loan. We applied with another company and got a better loan. Last week we got settlement amount $47.78. Do I have to report this as income to IRS and pay tax for $48.78 ?

Only if nsdp sees this and reports you to the IRS

$2.55. The only ones that make out, are the Lawyers...the rest of us harmed, go buy yourself a cup a coffee!

$2.55. The only ones that make out, are the Lawyers...the rest of us harmed, go buy yourself a cup a coffee!

Just got a check for $44.92. I wonder how they decide how much you get. I see reports of checks from a low of $2.95 to $65.00 with about $40 plus being the most frequent on here. Im glad get the check. Its found money and Ill blow it up in fireworks for the forth. Whoopee! I didnt know I was a class action participent.



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