$25M LoanDepot Data Breach Class Action Settlement

Unsplash | Published: April 6, 2025

Claim Form Deadline: May 27, 2025

Payout: Up to $150.00

Proof required: No

What's the LoanDepot Data Breach Settlement?

If you were one of nearly 17 million Americans that were affected by a massive LoanDepot data breach, you may be owed substantial compensation from a $25,000,000 class action settlement. The lawsuit was filed after 16.9 million consumers had their personal information compromised. LoanDepot has settled a class action over allegations that it failed to adequately protect customer data during the data breach that initially occurred between January 3-5, 2024.

LoanDepot, a large non-bank mortgage lender founded in 2010 and based out of California, had personal data on roughly 16.9 million people because of the nature of its lending business. As a major mortgage lender and loan servicer, they collect and store sensitive data on:

• People applying for home loans or refinancing
• Customers who started an application but did not finish
• Anyone who interacted with them for a quote or inquiry
• Past and current customers (sometimes they retain info for years due to regulations)

The potential personally identifiable data includes things information such as:

• Full Names
• Social Security numbers
• Credit information
• Addresses and contact details
• Bank account details

Who is Eligible for a Claim Payout?

You are eligible if you received a notice from LoanDepot about the data breach, as part of the approximately 16.9 million individuals whose personal information (For example: Names, addresses, Social Security numbers) may have been compromised. Learn more about personally identifiable information here.

How Much Can I Get Paid?

• Monetary Payment: Between $5 and $70, estimated, depending on the number of claims submitted.
• California Subclass Payment: Nearly 2.5 million California victims of potential identity theft may be eligible for a higher payout. Between $15 and $75, estimated, for California residents, with a maximum cap of $150.
• Out-of-Pocket Costs: Up to $5,000 per person per household for provable, documented expenses related to the breach.
• Financial Monitoring Services: Two years of identity theft protection and monitoring.

What is the Total Settlement Amount?

The total settlement value exceeds $86 million, including a $25 million Settlement Fund, $9.34 million in enhanced security measures, and additional benefits. The settlement fund will be used to pay out claims to class members, as well as attorneys' fees and costs. The settlement also includes a $9.34 million commitment from LoanDepot to enhance its data security measures and practices to avoid data breaches in the future, especially massive ones such as these.

What are the Payout Options?

Payments will be sent electronically via prepaid card, other electronic methods, or by physical check (if requested).

Why was the Class Action Lawsuit Filed?

The lawsuit was filed because LoanDepot allegedly failed to protect personal information, leading to a data breach that exposed sensitive customer data.

What are the Important Dates?

• Claim Form Deadline: May 27, 2025.
• Exclusion/Objection Deadline: April 27, 2025.
• Final Approval Hearing: August 18, 2025

How Do I Find Class Action Settlements?

Find all the latest class actions you can qualify for by getting notified of new lawsuits as soon as they are open to claims:

How Do I File a Claim?

There are multiple ways to file a Loan Depot data breach settlement claim:

• Online: Visit the settlement website, linked below, if you received a notice with a Notice ID number. You can file a claim online by entering your Notice ID number and filling out the claim form as it is noted that you can fill it if it is "known".

• By Mail: Use the Claim Form provided in the notice or download it from the website.Mail it to the Settlement Administrator at the address provided. You are not required to provide a notice ID if you mail the claim form.

Is Proof Required to File a Claim?

If you received a notice with a Notice ID number, you can provide that on the claim form. If you did not receive a notice, but believe you are part of the settlement you can file a claim form without a Notice ID number by printing out a copy of the claim form, filling it out and mailing it. No proof is required to do this. A cash payment will be sent electronically to the email address you provide on the claim form without proof, provided the amount is not less than $3.00 based on the number of claims submitted.

• Monetary Payment: No proof required.
• Out-of-Pocket Costs: Documentation of expenses is required.
• California Subclass Payment: Proof of California residency between January 3, 2021, and December 2, 2024, may be required if not pre-identified. This proof can include examples such as card statements, bank statements, invoices, utility bills, telephone records, and receipts.

Claim Form Website: LoanDepot Settlement

Submit Claim

Filing Class Action Settlement Claims

Please note that your claim form will be rejected if you submit a settlement claim for payout with any fraudulent information. By providing this information and your sworn statement of its veracity, you agree to do so under the penalty of perjury. You would also be harming others that actually qualify for the class action settlement. If you are not sure whether or not you qualify for this class action settlement, visit the class action administrator's website below. OpenClassActions.com is only providing information and is not a class action administrator or a law firm. OpenClassActions is a participant in the Amazon affiliate advertising program and this post may contain affiliate links, which means we may earn a commission or fees if you make a purchase via those links.

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