Claim Form Deadline: March 3, 2025
Payout: Varies
Proof Required: Yes
A $1,025,000 class action settlement has been reached with LoanDepot following allegations that the company improperly debited funds from consumers’ bank accounts, violating federal and state consumer protection laws.
The lawsuit claims that LoanDepot.com, LLC made recurring withdrawals from consumers’ bank accounts without providing written authorization for preauthorized electronic funds transfers, in violation of the Electronic Funds Transfer Act (EFTA) and parts of California’s Unfair Competition Law (UCL).
LoanDepot is a major non-bank mortgage lender based in California, offering various mortgage products including conventional, FHA, VA, and jumbo loans, as well as home equity lines of credit (HELOCs).
The total settlement fund for this class action is $1,025,000. Eligible claimants will receive a pro-rata share of this amount.
You may qualify if you are a U.S. resident whose bank account was debited by LoanDepot.com, LLC on a regular basis without being provided with written authorization for preauthorized electronic fund transfers. These debits must have occurred between September 21, 2021, and October 6, 2023.
The payout amount will be based on a pro-rata share of the total settlement fund of approximately $1 million. The final amount may be reduced by deductions for attorney’s fees, litigation costs, incentive awards for the original plaintiffs, and settlement administration expenses.
To file a claim, submit a valid claim form online (via the link below) or by mail, postmarked no later than March 3, 2025.
Yes, you must provide accurate information on the claim form, including your unique settlement claim ID, which you should have received if you were sent a LoanDepot postcard notice. If you can’t find your postcard or ID but believe you qualify, contact the settlement administrator for assistance.
Claim Form Website: EFTASettlement.com
Please be aware that your claim form will be rejected if it contains fraudulent information. By submitting your information and your sworn statement of its accuracy, you are agreeing to do so under penalty of perjury. Submitting false information not only jeopardizes your claim but also affects others who are genuinely eligible for the settlement. If you are uncertain about your eligibility for this class action settlement, please visit the class action administrator’s website for more information. Note that NoProofClassActions.org participates in the Amazon affiliate advertising program, and this post may include affiliate links, which could result in us earning a commission if you make a purchase through those links.