Mortgage Daily Logo
mortgage news from industry experts

First-Quarter 2012 Mortgage Litigation Index

Mortgage Fee Lawsuits
Second-Quarter 2011 Mortgage Litigation Index
Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums.

Defendant
Plaintiff
Court
Amount
Overview
Case Title
Case Number
Date Filed Link to Story
Quicken Loans, Inc. Tammy Freeman Supreme Court of the United States n/a The Supreme Court is debating whether to grant certioriari to hear this case. Quicken won a summary judgment on plaintiff’s argument that Quicken charged her unearned fees, and the U.S. Court of Appeals for the Fifth Circuit affirmed. The Supreme Court has recently invited the Solicitor General of the United States to submit a brief and weigh in on whether the government still supports HUD’s interpretation of Section 8(b). Freeman v. Quicken Loans, Inc. 10-1042 04/11/08 oldmortgagedaily.com/LawsuitQuicken052011.asp
Phil Coon, John Miller Janis R. Stewart and other borrower victims United States Court of Appeals for the 11th Circuit $1,200,000 The court of appeals held that the victims were not entitled to restitution for the 1 percent fee charged on their loans by former Coast Bank executive Phil Coon because the borrowers were aware that the bank would take such fees. In re Stewart 10-12344 11/25/11 oldmortgagedaily.com/MctCoastBank060311.asp
Mortgage Master Martha Coakley, Attorney General for the Commonwealth of Massachusetts n/a $250,000 Mortgage Master agreed to a settlement with the MA AG that calls for the firm to spend $95,000 refunding $250 to $1000 per borrower to those allegedly charged higher-than-normal fees because they were black. The firm will also pay $155,000 that the AG’s office plans to spend on consumer education. n/a n/a n/a oldmortgagedaily.com/MctMortgageMasters051811.asp
Kenneth A. Schneider United States United States District Court for the District of Montana $1,800,000 Kenneth Schneider has been ordered to pay restitution of $1.8 million for pocketing customer application fees for real estate bridge loans. U.S. v. Schneider n/a n/a oldmortgagedaily.com/LitigationCriminal041211.asp
Phil Coon n/a n/a $1,200,000 Guilty plea awating sentencing. n/a n/a n/a oldmortgagedaily.com/MctCoastBank060311.asp

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION