VIRGINIA
BEACH, Va., July 25,
2023 /PRNewswire/ -- On Monday, July 24, 2023, a jury returned its
verdict in favor of LoanCare® and awarded it
$22.6 million in damages on claims of
conversion, fraudulent inducement, and unjust enrichment against
Freedom Mortgage. The verdict vindicates LoanCare's longstanding
reputation as a leading mortgage servicer.
Earlier in the trial, Chief District Court Judge Renee Marie Bumb held that Freedom Mortgage's
$40 million claim that LoanCare
improperly serviced its defaulted loans was meritless finding,
after hearing all of Freedom's evidence, that no reasonable jury
could find in Freedom's favor. The court directed a verdict
giving judgment to LoanCare on those claims leaving one remaining
Freedom claim.
On Freedom Mortgage's $247,000
claim that LoanCare improperly billed for certain default work the
jury returned a verdict in Freedom's favor. LoanCare respectfully
disagrees with that part of the decision. The billing was a result
of the error in the billing process from 2014 that was corrected,
and the claim was settled by the parties at that time.
"As we celebrate the court's decision, LoanCare remains focused
on our mission to deliver superior servicing experiences and the
most advanced technology capabilities to lenders, homeowners and
investors," said Dave Worrall,
President of LoanCare. "This victory only reinforces our resolve to
continue innovating, delivering exceptional products, and providing
unparalleled customer satisfaction."
The court ruling affirms that LoanCare remains a trusted
industry leader with an unwavering commitment to the highest
standards of ethics, accountability, and excellence.
About LoanCare
LoanCare is a top national provider of
full service, component, and interim mortgage loan subservicing.
The company is known for delivering a superior customer experience
through personalization and convenience. Its proprietary portfolio
management platform, LoanCare Analytics™, identifies risk and
opportunity quickly to enable smarter decisioning across the
servicing spectrum. For 40 years, LoanCare has been servicing loans
for banks, credit unions, independent mortgage companies and
portfolio investors. LoanCare is part of Fidelity National
Financial (NYSE: FNF), a Fortune 500 company and leading
provider of title insurance and transaction services to the real
estate and mortgage industries. For more information,
visit www.loancare.com.
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SOURCE LoanCare