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Maverick & Homeland Unearned YSP, RESPA Class Action - The Hayes Law Firm
Unearned YSP, RESPA Class Action
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(February 22, 2010 - Monday) - The lawsuit alleges that when the McElroy’s refinanced their home through Maverick, a YSP was paid to Homeland. The plaintiffs argue that this fee was unearned under RESPA rules because no services were performed to warrant a YSP being charged.
According to the suit despite paying a loan origination fee and a mortgage broker fee, and Maverick being paid an underwriting fee, Homeland charged YSP with no services preformed to earn the additional charge. Additionally the lawsuit alleges that the YSP was not disclosed on the HUD Settlement Statement because Homeland and Maverick conspired to split the unearned fee.
The plaintiffs also claim that Maverick and Homeland violated the Racketeering Influenced Corrupt Organizations Act as well as the New Jersey Consumer Fraud Act.
The plaintiffs claim the defendants acted in concert to carry out the alleged scheme to defraud homeowners by charging exorbitant, unearned, and unlawful fees.
Plaintiffs are seeking class certification for all persons who were allegedly defrauded by the defendants during the class period.
If found liable under RESPA the defendants may be responsible for paying class members 3 times the amount of the “unearned” fee charged to them.
If you refinanced your home through Maverick Funding Corp. or Homeland Funding Solutions Inc. and believe that you may have been defrauded contact us today to speak with one of experienced fraud attorneys.
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