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Bank Of America Kickback Scheme Class Action Settlement Overview:
- Who: Bank of America has agreed to pay $1.2 million to resolve claims it participated in a yearslong kickback scheme with Genuine Title LLC, a mortgage title company.
- Why: The plaintiffs allege Genuine Title paid BOA illegal kickbacks in exchange for assignments and referrals.
- Where: The class action lawsuit was filed in Maryland federal court.
Bank of America (BOA) has agreed to pay $1.2 million to resolve claims it participated in a kickback scheme with Genuine Title LLC, a mortgage title company.
The settlement is the result of claims that Genuine Title paid BOA illegal kickbacks in exchange for the assignment and referral of residential mortgage loans, refinances and reverse mortgages, according to a recent motion for preliminary approval.
A nationwide class of borrowers of federal mortgage loans that were brokered or originated by BOA for Genuine Title was certified back in 2020.
The scheme, which Plaintiff Tracie Parker Dobbin’s claims was intentionally concealed by BOA and Genuine Title, is alleged to have gone on from around January 2009 through 2014, according to Dobbin’s motion for preliminary approval.
Class Members Should Receive 0.5-22 Times The Amounts They Originally Paid For Settlement Services
BOA has agreed to the settlement, which Dobbins says was agreed upon without any “collusion” between the involved parties.
“Plaintiffs’ and BOA’s Counsel’s experience in realistically assessing the benefits of resolving the Litigation by settling, reflect an informed and vigorous arms-length negotiation,” the motion for preliminary approval states.
Class members are scheduled to be refunded between 0.5 and 2.2 times the amounts they originally paid for settlement services, in addition to various fees which BOA has agreed to pay in addition to the $1.2 million.
Plaintiffs claim they are requesting preliminary approval since “no case is foolproof” while also acknowledging that continuing litigation would inherently carry risk.
The class action lawsuit had previously been dismissed against BOA but was later revived by the Fourth Circuit following an appeal, according to the motion.
BOA continues to deny all of the allegations against it, including a violation of the Real Estate Settlement Procedure Act, despite agreeing to the settlement.
A separate class action lawsuit was filed against BOA last month by a consumer alleging the company charged improper fees on home mortgage loan accounts that were delinquent.
Do you believe you were a victim of an alleged kickback scheme between Bank of America and Genuine Title? Let us know in the comments!
The plaintiffs are represented by Timothy F. Maloney and Veronica B. Nannis of Joseph, Greenwald & Laake, P.A., and Michael Paul Smith and Melissa L. English of Smith, Gildea & Schmidt, LLC.
The Bank Of America Kickback Scheme Class Action Lawsuit is Dobbins, et al. v. Bank of America N.A., et al., Case No. 1:17-cv-00540, in the U.S. District Court for the District of Maryland.
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20 thoughts onBank Of America Agrees To Pay Mortgage Borrowers $1.2 Million To Resolve Kickback Claims
My house was paid off. Tried to fight this with courts and everything. On day the sheriff kicked in my door and put me in the street have documents to prove it but no one would take my case. HOMELESS!!!!
I am a victim of BofA kickback scheme. I have documents and would like to be added to this
Please add me I had a BOA mortgage in 2008
Please add me
ADD ME!
Bank of America is the most fraudulent, lying, awful Bank there is. I bought my first home around 2005 and by 2009/2010 BOA basically stole it from me with the help of my old mortgage company. I used to pay my house payments as soon as I got the bill in the mail, I stopped receiving them from my old company and started getting more BOA mail which I thought was just more junk mail from them, because I received so many unwanted BOA advertisements before they bought my mortgage that I was getting mail from them at least a couple times a week, so naturally I was throwing them all away because I didn’t want or need them. Until one day I was like omg they send so much I’ll see what all the fuss is about and opened one and it was my mortgage bill saying I was behind 2 payments and now a third was due and I had something like 20-30 days to pay in full. So after I’d been trying to reach my old mortgage company to find out what was happening and to pay, with no luck, here I get a letter from a company that I never knew even took over my mortgage telling me I’m going to lose my house if I don’t pay basically $2500 in 30 days. I was flabbergasted and ended up losing my home cuz my husband and I had just split up so I had a fraction of the finances that I once did, no way to come up with $2500 in a month and you’d think I’d have put it aside right, wrong, it was always automatically taken out of my check and I swear they took it out and said they didn’t cuz I always bought and did the same things and never went crazy with money, still don’t and my bank account ended up in the negative by thousands because of this. So I ended up losing my home and in massive debt all from one companies massive greed. Thanks BOA😑🤨
Please add me. Purchased in 2007 through countrywide, later sold to BoA.
I. Got. Screwed.
I too had a problem with B of A??
Granny had a home improvement loan through B of A!! She passed away unfortunately, I was left paying them back! I was never able to resolve this issue, I basically was told
I inherited this DEBT!! WHICH I never signed up for!! This was back 2000 Granny passed in 2004
Add me to this claim