Dorado v. Bank of America, N.A.

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IF YOU PREPAID AN FHA-INSURED LOAN WITH BANK OF AMERICA ON A DAY OTHER THAN THE FIRST OF THE MONTH, YOUR LEGAL RIGHTS MAY BE AFFECTED, AND YOU MAY BE ENTITLED TO BENEFITS FROM A PROPOSED CLASS ACTION SETTLEMENTThe Dorado v. Bank of America, N.A. Action contends that Bank of America, N.A. (“BANA”) breached the promissory notes underlying the class’s FHA-insured home loans when, in violation of FHA regulation 24 C.F.R. § 203.558 (which was incorporated into the promissory notes), BANA collected post-payment interest (i.e., interest for the remainder of the month during which the loan was paid off) without providing an FHA-approved payoff disclosure to borrowers who made a pre-payment inquiry, request for payoff figures, or tender of prepayment. The FHA-insured loans at issue were (i) entered into between June 1, 1996 and January 20, 2015, (ii) prepaid within the statutes of limitations applicable to the loans as shown by Exhibit A, and (iii) owned by BANA or for which BANA otherwise held legal title. BANA denies that it is liable for any of the claims asserted in the lawsuit. 

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