Dorado v. Bank of America, N.A.
www.DoradoBANASettlement.com

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Important Update: On July 14, 2017, distributions of class settlement awards were mailed via U.S. mail to eligible class members.

IF YOU PREPAID AN FHA-INSURED LOAN WITH BANK OF AMERICA ON A DAY OTHER THAN THE FIRST OF THE MONTH, YOUR LEGAL RIGHTS MAY BE AFFECTED, AND YOU MAY BE ENTITLED TO BENEFITS FROM A PROPOSED CLASS ACTION SETTLEMENT

The Dorado v. Bank of America, N.A. Action contends that Bank of America, N.A. (“BANA”) breached the promissory notes underlying the class’s FHA-insured home loans when, in violation of FHA regulation 24 C.F.R. § 203.558 (which was incorporated into the promissory notes), BANA collected post-payment interest (i.e., interest for the remainder of the month during which the loan was paid off) without providing an FHA-approved payoff disclosure to borrowers who made a pre-payment inquiry, request for payoff figures, or tender of prepayment. The FHA-insured loans at issue were (i) entered into between June 1, 1996 and January 20, 2015, (ii) prepaid within the statutes of limitations applicable to the loans as shown by Exhibit A, and (iii) owned by BANA or for which BANA otherwise held legal title. BANA denies that it is liable for any of the claims asserted in the lawsuit.

The Court preliminarily certified a class defined as:

Any person who had a FHA-insured loan for which (i) the loan was originated between June 1, 1996 and January 20, 2015; (ii) one of the Releasees (as defined in the Settlement Agreement)—as of the date the total amount due on the loan was brought to zero—was the lender, mortgagee, or otherwise held legal title to the note; (iii) one of the Releasees collected interest for any period after the total amount due on the loan was brought to zero (i.e., BANA collected “post-payment interest”); and (iv) one of the Releasees collected post-payment interest during the statute of limitations period applicable for the loan.

This website advises you of the benefits that may be available to you under the proposed Settlement and your rights and options as a Settlement Class Member, and notifies you that a Fairness Hearing will be held on March 23, 2017, to approve the Settlement.


What are my options?
Do Nothing If you take no action, and the Settlement is approved, you will receive payment pursuant to the Settlement and you will be deemed to have released BANA and the other Releasees as described on this website.
Opt Out of the Settlement Class If you would not like to be a part of the Settlement Class, you may opt out. For more information on how to exclude yourself from the Settlement, please see Frequently Asked Question 7.
Object to the Settlement If you are a member of the Class, you may comment upon or object to the terms of the Settlement or any motion for a class representative service award or an award of attorneys’ fees and expenses. For more information on how to Object to the Settlement, please see Frequently Asked Question 8.
Go to the Fairness Hearing The Court will hold a final approval hearing on March 23, 2017. The hearing will be held before Judge Ursula M. Ungaro. You may attend, but you don’t have to. If you would like to appear at the Fairness Hearing, you must file with the Clerk of Court a Notice of Intention to Appear and send a copy of the Notice of Intention to Appear to BANA’s Counsel and Settlement Class Counsel by March 3, 2017. For more information on the Fairness Hearing, see Frequently Asked Question 5.