M&T Bank Mortgage Fees $3.325M Class Action Settlement

M&T BANK MORTGAGE FEES SETTLEMENT UPDATE:

• The Court granted final approval to this class action settlement Oct. 12, 2021.
• Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.

Certain borrowers who paid “pay-to-pay” M&T Bank mortgage fees may be eligible for compensation thanks to a $3.325 million class action settlement.

All borrowers who had a residential mortgage loan serviced by M&T Bank from whom M&T Bank collected a pay-to-pay fee between Aug. 9, 2015, and May 6, 2021, are considered Class Members. 

A class action lawsuit had alleged borrowers were made to pay these fees in order to make their M&T Bank mortgage payments. 

These fees allegedly violate the Fair Debt Collection Practices Act and the Rosenthal Fair Debt Practices Act; they also allegedly breached the terms of the borrowers’ loan agreements. 

M&T Bank has denied all allegations made in the class action lawsuit, and the Court has not ruled in favor of either party.

M&T Bank has branches in Connecticut, Delaware, Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia, West Virginia, and Washington, D.C.

Class Members’ individual payments will be calculated on a loan-by-loan basis rather than a borrower-by-borrower basis. This will allow the payment on any loan with more than one Class Member borrower to be made payable jointly to all borrowers on the loan.

The settlement administrator will allocate to each loan the amount of the net settlement fund representing the proportional amount of pay-to-pay M&T Bank mortgage fees charged by the bank during the Class Period on that loan.

For example, a Class Member who is a borrower on a loan who paid 1 percent of the total pay-to-pay fees, they and any other co-borrowers will be allocated 1 percent of the net settlement fund, according to the settlement website.

Class Members will automatically receive any payment they are entitled to if the Court approves the settlement. Payments will not be issued until after the final fairness hearing.

The final fairness hearing in the M&T Bank mortgage fees settlement is scheduled for Sept. 27, 2021.

The deadline for Class Members to object to or opt out of the settlement is Aug. 3, 2021.

Class Members do not need to file a claim to participate in this settlement.

Who’s Eligible

All borrowers who had a residential mortgage loan serviced by M&T Bank from whom M&T Bank collected a pay-to-pay fee between Aug. 9, 2015, and May 6, 2021. 

Potential Award

Varies.

The settlement administrator will allocate to each loan the amount of the net settlement fund representing the proportional amount of pay-to-pay M&T Bank mortgage fees charged by the bank during the Class Period on that loan.

Proof of Purchase

No proof of purchase is required.

Claim Form

No claim form is required.

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

No claim form is required.

Case Name

Lisa Silveira, et al. v. M&T Bank, Case No. 2:19-cv-06958-ODW-KS in the U.S. District Court for the Central District of California

Final Hearing

09/27/2021

Settlement Website

MortgageFeeSettlement.com

Claims Administrator

Settlement Administrator
c/o Epiq
P.O. Box 3719
Portland OR 97208-3719
1-855-917-3514

Class Counsel

BAILEY & GLASSER LLP
TYCKO & ZAVAREEI LLP

Defense Counsel

ALSTON & BIRD LLP