|
What is this litigation about? Who is Republic Mortgage Insurance Company? Who sued Republic Mortgage Insurance Company? What are the plaintiffs' names? What is the Fair Credit Reporting Act? Did Republic Mortgage Insurance Company overcharge me for mortgage insurance? When/where was the case filed? How many people are in the Class? Do I have to attend the Court Approval Hearing on April 25, 2007? What does Republic Mortgage Insurance Company say about the claims? Why did this case settle if the parties disagree about the claims? Who are the attorneys representing the Class? Who are these firms and how can I reach them? Can I have my own lawyer look at the Settlement? Will this Settlement increase my mortgage payment? Will this Settlement increase my mortgage insurance premiums? When was the Settlement approved by the Court? Should I accept this Settlement? How do I request my settlement check and credit report? What if I do not wish to receive my credit report? What is the deadline to opt out or exclude myself from the Settlement? How do I opt out or exclude myself from the Settlement? If I opt out, will my rights be affected? What is the deadline to object to the Settlement? How do I object to the Settlement? When will I receive my Settlement Benefits? What is the deadline for me to request my Settlement Benefits? What happens after I receive my credit report? Do I give anything up by staying in the Class? How will I receive my Settlement Benefits? Why should I get a copy of my tri-merge credit report from Equifax with a FICO score? Aren't I already entitled to a free credit report from other sources? Why do I have to provide my social security number in order to receive my credit report? How much will the attorneys be paid? Will I have to pay for the attorneys? Can I throw the Notice away and do nothing? Can you send me a copy of the Notice? Should I continue to make my mortgage loan payments?
Q: What is this litigation about? A: Plaintiffs alleged that Republic Mortgage Insurance Company violated the Fair Credit Reporting Act, 15 U.S.C. ยงยง 1681, et seq., by not providing notice of adverse action to consumers when it charged increased premiums for mortgage insurance based in whole or in part on information contained in consumer reports. The lawsuit does not allege that Republic Mortgage Insurance Company overcharged anyone for mortgage insurance or that the premiums charged were illegal. The company's rates are approved by state regulators.
Q: Who is Republic Mortgage Insurance Company? A: Republic Mortgage Insurance Company is a mortgage insurance company. When a mortgage lender requires mortgage insurance on a home loan, the premiums for the mortgage insurance are typically paid for by the borrower. If you received a Notice of Pendency of Class Action, Proposed Settlement, and Court Approval Hearing, it is because you paid for the Republic Mortgage Insurance Company's mortgage insurance premiums which were collected as part of your mortgage payment.
Q: Who sued Republic Mortgage Insurance Company? A: Two individual plaintiffs from South Carolina sued Republic Mortgage Insurance Company on their own behalf and on behalf of other consumers.
Q: What are the plaintiffs' names? A: The plaintiffs are Kenisha Brantley and Greg Brantley.
Q: What is the Fair Credit Reporting Act? A: The Fair Credit Reporting Act ("FCRA") is a federal law first enacted in 1970. It is designed to promote the accuracy, fairness and privacy of consumer credit reports and information in the files of consumer reporting agencies ("CRAs"). Among other things, the law limits the persons or companies to whom CRAs may legally provide a consumer credit report. In addition, if a person or company uses information in a consumer's credit report to take an "adverse action" against the consumer, the law requires that the consumer be given specific notice of the action and a description of his or her rights to obtain a copy of the report to check for mistakes.
Q: Did Republic Mortgage Insurance Company overcharge me for mortgage insurance? A: The lawsuit does not allege that the company overcharged anyone for mortgage insurance or that the premiums charged were illegal. The company's rates are approved by state regulators.
A: No. You are not being sued. You may be a member of a class of people for whose benefit the case was brought against Republic Mortgage Insurance Company.
A: The defendant is Republic Mortgage Insurance Company.
Q: When/where was the case filed? A: The lawsuit was filed against Republic Mortgage Insurance Company in March 2004 in Charleston, South Carolina.
A: A class action lawsuit is a case brought by individuals who offer to stand in the shoes of others to represent their interests in the case. The individuals seeking to stand in the shoes of others are called a class representative and believe that other people have suffered the same type of harm that is at issue in the case.
A: Neither side won the lawsuit. Both sides agreed to settle. The Notice of Pendency of Class Action, Proposed Settlement, and Court Approval Hearing you received sets forth the terms of the Proposed Settlement preliminarily approved by the Court. You can view a copy of the Notice in the Court Document section of this website.
A: The Settlement Class consists of all consumers throughout the United States who, from March 15, 2002, through December 31, 2006, had mortgage loans insured by borrower-paid mortgage insurance in Defendant's A-Minus Program, and whose credit score was reported to Defendant as 619 or less.
Q: How many people are in the Class? A: There are approximately 35,000 class members.
Q: Do I have to attend the Court Approval Hearing on April 25, 2007? A: No, you are not required to attend the Court Approval Hearing. You will be represented by Class Counsel.
Q: I am a co-borrower or co-obligor on a mortgage loan that was insured by Republic Mortgage Insurance Company. How am I affected? A: For purposes of the Settlement, you and each other co-borrower or co-obligor will be treated as a single member of the class.
Q: What does Republic Mortgage Insurance Company say about the claims? A: The company denies that it violated the Fair Credit Reporting Act.
Q: Why did this case settle if the parties disagree about the claims? A: The parties agree that the Settlement is a compromise to resolve the disputed claims.
Q: Who are the attorneys representing the Class? A: The Court designated the law firms of James, Hoyer, Newcomer & Smiljanich, P.A. and McCutchen Blanton Johnson & Barnette, LLP as lead counsel for the members of the Class.
Q: Who are these firms and how can I reach them? A: James, Hoyer, Newcomer & Smiljanich, P.A. is based in Tampa, Florida. McCutchen Blanton Johnson & Barnette, LLP is based in Columbia, South Carolina. You may reach Class Counsel by telephone at 1-800-597-0884.
Q: Can I have my own lawyer look at the Settlement? A: Class members may contact their own attorney to review the Settlement at their own expense.
Q: Will this Settlement increase my mortgage payment? A: No. The Settlement will not increase your mortgage payment.
Q: Will this Settlement increase my mortgage insurance premiums? A: No. The Settlement will not increase your mortgage insurance premiums.
Q: When was the Settlement approved by the Court? A: The Settlement was preliminarily approved by the Court on December 12, 2006. The final Court Approval Hearing is scheduled for April 25, 2007. The Settlement is not final unless or until the Court grants final approval on or after April 25, 2007.
Q: Should I accept this Settlement? A: The decision is yours to make. In most circumstances, we believe that you should. Now more than ever, it's important for you as a consumer to check your credit report regularly to make sure that it doesn't have mistakes. Mistakes in your credit report could cause you to have higher insurance premiums and interest payments. Mistakes could even cost you a job. If you haven't checked your credit lately, this Settlement offers you a free and easy chance to get started. We urge you to take it. In addition, you are eligible to receive a Settlement check in the amount of $15.00.
Q: How do I request my settlement check and credit report? A: To receive your Settlement Check in the amount of $15.00 and your free tri-merge credit report from Equifax with a FICO score, you must complete and mail the claim form to the following address: Brantley FCRA Settlement Administration, P.O. Box 11487, Birmingham, AL 35202-1487. Your claim form must be postmarked on or before May 25, 2007.
Q: What if I do not wish to receive my credit report? A: We strongly suggest that you request your tri-merge credit report from Equifax with a FICO score so that you may check it for errors. However, if you wish to receive only your settlement check in the amount of $15.00, you may do so. If you wish to receive a settlement check and tri-merge credit report with a FICO score, you must complete all sections of the Claim Form. If you wish to receive a settlement check but do not wish to receive your tri-merge credit report with a FICO score, you need only complete Sections II(A), II(B), and II(C) of the Claim Form. You must mail your completed Claim Form to the FCRA Settlement Administration. Your Claim Form must be postmarked on or before May 25, 2007.
Q: What is the deadline to opt out or exclude myself from the Settlement? A: The deadline to opt out is April 4, 2007.
Q: How do I opt out or exclude myself from the Settlement? A: If you want to opt out of the class, you will not be eligible for any of the benefits available under the Settlement. To opt out of the class you must send your written notice of intention to opt out of the Settlement to the following address: Brantley FCRA Settlement Administration, P.O. Box 11487, Birmingham, AL 35202-1487. Your written request must be postmarked on or before April 4, 2007. The information required to be included in your notice of intention to opt out is detailed in Section VII(B) of the Notice of Pendency of Class Action, Proposed Settlement, and Court Approval Hearing. You can view a copy of the Notice in the Court Documents section of this website.
Q: If I opt out, will my rights be affected? A: Any Class Member who opts out will be removed from the Class, excluded from participation in the Settlement, and will be precluded from obtaining a free tri-merge credit report from Equifax with a FICO score and Settlement Check. In addition, any Class Member who opts out is not bound by the release contained in the Settlement Agreement.
Q: What is the deadline to object to the Settlement? A: The deadline to object to the Settlement is April 4, 2007.
Q: How do I object to the Settlement? A: The deadline to object to the Settlement is April 4, 2007. The procedures for filing an objection with the Court are detailed in Section VII(C) of the Notice of Pendency of Class Action, Proposed Settlement, and Court Approval Hearing. You can view a copy of the Notice in the Court Documents section of this website.
A: No, you do not need to obtain your own attorney. If you choose to hire an attorney to represent you, it will be at your own expense.
Q: When will I receive my Settlement Benefits? A: Class members who submit a claim form that is postmarked on or before May 25, 2007 will receive their Settlement Benefits if the Settlement becomes final. The Settlement is only final if the Court orders that the Settlement is final after the final Court Approval Hearing and no Class Member files an appeal or any appeal filed is resolved.
Q: What is the deadline for me to request my Settlement Benefits? A: To receive your Settlement Benefits, you must submit your completed claim form postmarked on or before May 25, 2007.
Q: What happens after I receive my credit report? A: If, after reviewing your credit report you find that errors exist in the report, you must contact Equifax and follow Equifax's directions for correcting your report.
Q: Do I give anything up by staying in the Class? A: By remaining in the class you maintain the opportunity to receive benefits from the Settlement and you give up the right to hire your own attorney and pursue your claims separately by filing your own lawsuit against Republic Mortgage Insurance Company for the types of claims that were made in this lawsuit. The complete text of the Release is located in the Proposed Settlement Agreement preliminarily approved by the Court and in the Addendum to the Notice of Pendency of Class Action, Proposed Settlement, and Court Approval Hearing. You can view copies of the Notice and Proposed Settlement Agreement in the Court Documents section of this website.
Q: How will I receive my Settlement Benefits? A: If the Proposed Settlement becomes final, your settlement benefits will be mailed to you.
Q: Why should I get a copy of my tri-merge credit report from Equifax with a FICO score? A: Consumer advocates say it's a good idea to regularly check your credit report, to make sure there are not mistakes in it. Mistakes could end up costing you more money for insurance or credit. Mistakes in your credit report could even cost you a job offer, if the employer checks applicants' credit.
Q: Aren't I already entitled to a free credit report from other sources? A: Under federal law, you are entitled to receive one free copy of your credit report from each of the three major CRA's (Equifax, Trans Union and Experian) once each year. The free credit report available from this settlement is in addition to the free tri-merge credit report available through that law. Several web sites and advertisements advertise other "free credit reports," but such offers are often in reality an attempt to have consumers sign up for monthly "monitoring" charges costing up to $10 per month, and usually require consumers to give up other valuable privacy rights. In addition, the credit report available under federal law does not include a FICO score.
Q: Why do I have to provide my social security number in order to receive my credit report? A: Your social security number is required in order to receive your credit report. The reason that your social security number is required is for your own protection. It is to make sure that the person requesting your credit report is you. Your social security number will be kept confidential. It will only be used for the purpose of providing you with your credit report. Your social security number will not be used for any other purpose or revealed to anyone else.
Q: How much will the attorneys be paid? A: The fees and costs paid to Class Counsel will be determined by the Court. Republic Mortgage Insurance Company has agreed to pay the amount of fees and costs awarded by the Court up to $480,000. A motion seeking an award of fees and costs is currently pending before the Court.
Q: Will I have to pay for the attorneys? A: No. You will not have to pay the attorneys. Republic Mortgage Insurance Company has agreed to pay the Class Counsel in addition to paying the full benefits to the Class Members. Therefore, the fees paid to the attorneys will have no effect on the benefits available to you under the Settlement.
Q: Can I throw the Notice away and do nothing? A: You are not required to do anything, but if you do not return your claim form postmarked on or before May 25, 2007, you will not receive a free copy of your tri-merge credit report from Equifax with a FICO score and will not be entitled to a Settlement Check in the amount of $15.00 If you do nothing and the Proposed Settlement is approved, you will be bound by the terms of the settlement and will forfeit your right to hire your own attorney and bring your claim individually.
Q: Can you send me a copy of the Notice? A: You can view copies of the Notice and Proposed Settlement Agreement in the Court Documents section of this website.
Q: Should I continue to make my mortgage loan payments? A: Yes. You must continue to make your mortgage loan payments, including the portion of your loan payment, if any, that pays for mortgage insurance.
|
|
|
Produced by www.jameshoyer.com |
|