Countrywide Home Appraisal Settlement

Settlement Structure: Claims Made

Active: Open

Case Summary:

This settlement resolves two cases against Countrywide Financial Corporation, Countrywide Home Loans, Inc. Countrywide Bank, NA, Bank of America Corporation, LandSafe, Inc., and LandSafe Appraisal Services, Inc. for invalid property appraisals. According to the complaint, when Countrywide received mortgage applications from certain persons, it ordered a property appraisal by LandSafe and charged the applicants a fee for it. However, the complaint alleges, the appraisals were not valid because they were not property prepared under the Uniform Standards of Professional Appraisal Practice.

Docket Number:

2:13-cv-08833-CAS-AGR, 2:16-cv-04166-CAS-AGR

Company: Countrywide Financial Corporation

Filing Deadline: January 1, 2100

Class Period: January 1, 2003 to December 31, 2008

Objection Deadline: June 15, 2020

Exclusion Deadline: June 15, 2020

Final Approval Hearing: July 13, 2020

Proof of Purchase:

You do not need to submit a claim form. Presumably company records will be used to identify class members.

Eligibility:

The Nationwide Class for this action is all residents of the US who, between January 1, 2003 and December 31, 2008, obtained an appraisal from LandSafe in connection with a loan from Country wide.

The Texas Class is all residents of Texas who, between January 1, 2003 and December 31, 2008, obtained an appraisal from LandSafe in connection with a loan from Country wide.

Typical Settlement Amount:

A check for a percentage of the amount paid for the appraisal fee. The estimated percentage is currently 22%, so that if the fee you were assessed was $500, you would receive $110. If the amount of the fee is unavailable or unreliable, the check will be for $25. The actual percentage used to determine the amounts of checks may be higher or lower.

Total Settlement Amount: $250,000,000 plus up to an additional $250,000,000 to administer the settlement

Class Representative Proposed Incentive Fee:

Up to $15,000.00 each

Law Firms:
Baron & Budd
Hagens Berman

Case Name: Barbara Waldrup v. Countrywide Financial Corporation; Beckie Reaster, Rebecca Murphy v. Countrywide Financial Corporation

Settlement Website: Countrywide Home Appraisal Settlement Website

Claims Administrator:
Epiq Class Action & Claims Solutions, Inc.

Claims Administrator Contact Information:

Waldrup v. Countrywide Settlement
c/o Epiq
P.O. Box 3727
Portland, OR 97208-3727
1-877-835-0768

Tags: Appraisal, Mortgage-Related Unfair Practices