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 a 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.”
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