A West Virginia couple is suing loanDepot for charging them illegal fees when they made payments via phone or electronic transactions.
David and Patricia Warren’s note and deed of trust did not authorize such charges. This prompted them to consult legal counsel.
The lawsuit states that loanDepot “created an unlawful profit center” since the cost to process each transaction is only 30 cents while customers were charged a $2 fee.
The plaintiffs have requested appropriate relief, a civil penalty and unspecified damages from the court.
This filing is part of a series of similar cases which have been intensified by the Biden administration and federal regulators during the past two years.
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