Cardinal Financial Mortgage Processing Fee Settlement

If you obtained a residential mortgage loan for real property in New Jersey from Cardinal Financial Company, Limited Partnership between January 10, 2017, and January 9, 2023, and paid a fee labeled "Processing Fee" on your Closing Disclosure, you may be eligible to claim a cash payment from a class action settlement.

Cardinal Financial Company has agreed to pay to settle a class action lawsuit for alleged violations of New Jersey's Residential Mortgage Lending Act. The lawsuit claimed that Cardinal Financial improperly charged certain fees labeled as "Processing Fees" on residential mortgage loans issued within the specified period.

Who is eligible for a mortgage fee payout?

Eligible class members meet the following criteria:

• You purchased a home in New Jersey between January 10, 2017 and December 31, 2022.
• You obtained a residential mortgage from Cardinal Financial Company, Limited Partnership.
• Your loan was originated under the Nationwide Mortgage Licensing System and Registry (NMLS) number 66247.
• You paid an underwriting fee and/or processing fee on your Closing Disclosure.

How much can class members get?

Valid claimants will receive a one-time cash payment equal to 55% of the "Processing Fee" amount listed on their Closing Disclosure.

How to claim a class action payment

To receive your class action rebate, you must submit a claim form by the May 16, 2025 deadline. You can file a claim online through the official settlement website. Class members also have the option print the claim form from the settlement website and mail it to the settlement administrator.

Settlement Administrator's mailing address: Cardinal Financial Settlement, Claims Administrator, P.O. Box 301174, Los Angeles, CA 90030-1174.

Required claim information

• Claim ID and PIN required to submit a claim
• Property address on Closing Disclosure
• Loan Amount on Closing Disclosure
• Loan ID (Loan Number) on Closing Disclosure
• Processing Fee or Underwriting Fee amount on Closing Disclosure

Claim payout options

Authorized claimants will receive a check mailed to the address provided on the claim form.

Mortgage fee class action settlement fund

The settlement fund will include:

• Payments to approved claimants: 55% of the processing or underwriting fee paid
• Settlement administration costs: To be determined
• Attorneys' fees and costs: Up to $179,718.40
• Service awards to class representatives: Up to $1,000 each

Important dates

• Fairness Hearing: August 1, 2025
• Deadline to File a Claim: May 16, 2025

When is the Cardinal Financial mortgage settlement payment date?

There is a Fairness Hearing scheduled for August 1, 2025. Payments will be issued to class members with approved claims after the court grants the settlement final approval.

Why did Cardinal Financial agree to this class action settlement?

The lawsuit alleged that Cardinal Financial improperly charged fees labeled as "Processing Fees" or "Underwriting Fees" on residential mortgage loans issued in New Jersey, violating the state's Residential Mortgage Lending Act. Cardinal Financial denies these allegations, however chose to settle the lawsuit to avoid the expense of prolonged litigation.

Sources

1. Official Settlement Website
2. Class Notice
3. Settlement Agreement
4. Frequently Asked Questions (FAQs) from the Settlement Website