loanDepot.com $1,025,000 EFTA Settlement

If your bank account was debited by loanDepot.com without receiving a copy of your written electronic fund preauthorization between September 21, 2021, and October 6, 2023, you may be eligible to claim a portion of a class action settlement.

loanDepot.com, LLC has agreed to pay $1,025,000 to settle a class action lawsuit for allegedly initiating recurring electronic funds transfers from consumers' bank accounts without providing the necessary written preauthorization.

Who can get a payout?

To be considered a class member, you must meet the following criteria:

• You are a resident of the United States.
• Your bank account was debited on a recurring basis by loanDepot.com, LLC.
• You did not receive a copy of the authorization to make a preauthorized electronic fund transfer.
• The debits occurred between September 21, 2021, and October 6, 2023.

How much is the payout?

The settlement fund of $1,025,000 will be distributed among class members who submit valid claims. The distribution will be pro rata, meaning the amount each class member receives will depend on the number of valid claims submitted. After deducting attorneys' fees, incentive awards, and administrative costs, approximately $458,367.50 will be available for distribution to class members.

For example, if 10,000 claims are submitted, each claimant would receive approximately $45.84. This calculation is based on dividing the remaining settlement fund ($458,367.50) by the number of valid claims.

How to claim a payout?

To claim an award, class members must submit a claim form by March 3, 2025. Claims can be submitted online via the online claim form or by mailing a completed form to the claims administrator. A PDF claim form is also available for download to be sent to the claims administrator.

Checks will be mailed to the address provided in the claim form.

$1,025,000 Settlement fund

The settlement fund of $1,025,000 will cover various costs, including:

• Incentive awards to class representatives: $20,000 total.
• Class Counsel's attorneys' fees: $341,632.50.
• Costs and expenses: $15,000.
• Claims Administrator fees: capped at $190,000.
• Remaining funds for distribution to class members: approximately $458,367.50.

Important dates

• Deadline to File a Claim: March 3, 2025
• Final Approval Hearing: April 21, 2025

When is the loanDepot.com Settlement payout?

Following the final approval hearing on April 21, 2025, if the court approves the settlement, payments will be distributed to class members who submitted valid claims.

Why is there a Settlement?

The class action lawsuit was filed because loanDepot.com, LLC allegedly violated the Electronic Funds Transfer Act by debiting funds from consumers' bank accounts without providing the required written preauthorization. The parties agreed to settle to avoid the costs and uncertainties of further litigation.