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National City may fail to properly credit mortgage payments which causes unfair late payment fees.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Over Charge
- Excessive or Unauthorized Fees
- Mortgage Servicing
- Improper Credit For Payment
- Failure To Properly Credit Prepayment
Product or Service
- Servicing
Injury Type
- Monetary Loss
Investigation Details
This is an investigation and a potential class action lawsuit against National City for the assessment of certain late fees and the refusal to accept partial payments relating to mortgages.
Consumers have complained that they have been improperly assessed late fees from National City. Specifically, assume a borrower owes a monthly mortgage payment in January but fails to make such payment. If he or she makes a timely payment for February and all successive months, National City is suspected of applying the timely February payment to January and assessing a late fee for both January and February. When the timely March mortgage payment comes in, that payment is applied to February and more late fees are assessed to the consumer.
Additionally, National City may be refusing payments from borrowers when any amount less than full payment is presented. Such acts may be a violation of good faith and fair dealing.
Consumers have complained that they have been improperly assessed late fees from National City. Specifically, assume a borrower owes a monthly mortgage payment in January but fails to make such payment. If he or she makes a timely payment for February and all successive months, National City is suspected of applying the timely February payment to January and assessing a late fee for both January and February. When the timely March mortgage payment comes in, that payment is applied to February and more late fees are assessed to the consumer.
Additionally, National City may be refusing payments from borrowers when any amount less than full payment is presented. Such acts may be a violation of good faith and fair dealing.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| National City Corporation | National City Corporation was a bank. National City Corporation was merged with and into The PNC Financial Services Group, Inc. on December 31, 2008. |