Mortgage Payment Fee InvestigationMortgage convenience fees class action law firm Miami

November 9, 2020by Shamis & Gentile P.A.
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Do you feel that you are being unfairly charged for fees by a lending organization? Many Americans are starting to realize that their mortgage lenders are overcharging for various payment processing fees. Mortgage convenience charges are a deceptive business practice and can be referred to the U.S.District Court.

Shamis and Gentile, P.A., a Miami law firm specializing in mortgage pay-by-phone fee class action lawsuits can help you.

Why do financial institutions charge property owners’ convenience fees?

A convenience fee is charged by a seller when a consumer pays with an electronic payment card rather than by a standard form of payment (cash, check, or automated clearing house transfer) accepted by the business. They can be a fixed dollar amount or a percentage of the transaction amount, usually 2% to 3%, and have to be disclosed to the consumer in advance. Convenience fees are normally charged on mortgage payments, property tax payments, college tuition, and taxes.

Common questions – mortgage convenience fees class action

Regardless of what is included in your loan agreement, the Consumer Financial Protection Bureau (CFPB) has cautioned financial institutions against charging excessive “convenience” fees. Additionally, as Americans, we are protected by the Fair Debt Collection Practices Act (FDCPA). This Act governs (among other things) the ways that debt collectors are allowed to attempt to collect a debt on behalf of another entity. Under the terms of the FDCPA, debt collectors may not use false, deceptive, or misleading means to collect a debt.

If a mortgage lender is misrepresenting the fees associated with online and over the phone payments, the mortgage company may have violated the FDCPA. Companies who violate the FDCPA may be sued within a year of said violation. This is a prime case for a class-action lawsuit.

During these trying times, we are also protected by the CARES (Coronavirus Aid, Relief, and Economic Security) Act which provides fast and direct economic assistance for American workers, families, and small businesses, and preserve jobs for our American industries.

If you have been charged mortgage payment fees by Wells Fargo, Bank of America, JP Morgan Chase, or another mortgage institution, you may be entitled to join a class-action lawsuit against one of these financial institutions. If you feel you may have been the victim of deceptive business practices, you should contact Shamis and Gentile P.A.

Shamis and Gentile, P.A.  is a class action law firm providing legal services in the United States with major reach in Florida and New York State courts.

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