August 22, 2018 / 10:58 PM / 3 months ago

Judge tosses lawsuit over Flagstar mortgage escrow accounts

A federal judge in San Francisco has dismissed a proposed class action accusing Flagstar Bank of failing to pay interest on mortgage escrow accounts as required by California law, saying the homeowners’ mortgage contracts barred their lawsuit.

The named plaintiffs, Lowell and Gina Smith of Concord, California, were required by their mortgage contract to notify Flagstar and give the bank time to address the interest issue before suing, but they failed to do so, U.S. District Judge William Alsup said in a decision on Tuesday.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2Na2fhz

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