$1.025M LoanDepot Class Action Settlement

| Published: November 28, 2024

Claim Form Deadline: March 3, 2025

Payout: Varies

Proof required: Yes

What's the LoanDepot Class Action About?

A $1,025,000 class action settlement has been reached with LoanDepot over allegations that they made improper transfers from customer's bank accounts and violated certain federal or state consumer protection laws.

Specifically, the class action lawsuit alleges that LoanDepot.com, LLC debited funds from consumers' bank accounts on a recurring basis without providing copies of the written authorization to make a preauthorized electronic funds transfer, violating the Electronic Funds Transfer Act (EFTA) and parts of California's Unfair Competition Law (UCL).

LoanDepot is a large non-bank mortgage lender based in California. LoanDepot specializes in of mortgage products, including conventional, FHA, VA, and jumbo loans, as well as home equity lines of credit (HELOCs).

What is the Total LoanDepot Settlement?

Qualified claimants may be able to receive a pro rata share of the total class action settlement fund, which is $1,025,000.

How Do I Qualify For a Payout?

You may qualify for a payout if you are in the United States and your bank account was debited on a regular basis by LoanDepot.com, LLC without being provided a copy of the authorization to make a preauthorized electronic fund transfer. This debit charge must have been at any point in time between September 21, 2021, and October 6, 2023.

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 Much Can I Get Paid?

The amount you can get paid will be a pro rata share of the total settlement fund, which is approximately $1 million. THe settlement fund will be reduced after deductions for any attorneys' fees, litigation costs, incentive awards to the original class action plaintiffs, and any associated class action settlement administration expenses.

How Do I File a Claim?

To file a claim, submit a valid and timely claim form online (linked below) or by mail postmarked on or before March 3, 2025.

Do I Need Proof to File a Claim?

Yes, you need to provide accurate and complete information on the official LoanDepot class action claim form. You will be required to use your unique settlement claim ID, which you should have if you received a LoanDepot postcard notice. If you cannot locate your postcard or your unique ID, but believe you are part of the settlement, please reach out to the official LoanDepot class action settlement administrator.

Claim Form Website: EFTASettlement.com

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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