Status: closed
Bank of America (Interest)
Defendant: Bank of America
Bank of America (Interest)
Bank of America agreed to a $29 million settlement over allegations of collecting post-payment interest without providing an FHA-approved payoff disclosure to borrowers who prepaid, inquired about pre-payment, or requested payoff figures. The class is defined as borrowers with FHA-insured loans that originated between June 1, 1996 and January 20, 2015; the borrower or Bank of America held legal title when the total loan payment was zero; and Bank of America collected interest after the total loan payment was zero. Class members will automatically receive payment when the settlement becomes final. Final Hearing is Mar. 23, 2017.