posted: Oct. 29, 2012 @ 6:07p
Official Web Site
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 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.
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.