The U.S. Department of Justice investigated Sage Bank’s mortgage lending business. Based on this investigation, the Government claimed that African-American and Hispanic borrowers paid higher interest rates than non-Hispanic White borrowers. Sage Bank’s pricing system led to these higher rates based on race or national origin. Sage Bank agreed to create a $1.175 million fund to repay eligible borrowers.Top
You can visit the DOJ website at: http://go.usa.gov/cuacY (English) or http://go.usa.gov/cuacB (Spanish).Top
To be eligible for a settlement fund payment:
- A borrower must have received a mortgage loan from Sage Bank based on an application submitted between January 1, 2011, and December 8, 2013.
- At least one borrower on the loan must be African-American, Black, Latino, Hispanic, or of Spanish origin.
- The borrower(s) must also have been identified by the Government as having been overcharged by Sage Bank.
You do not need to have an open account with Sage Bank to be eligible for a payment. It does not matter whether your account went into default or foreclosure.
If you want to take part in the settlement, you must sign, date, and return the attached Participation and Release Form by November 21, 2016.
You can return the form by mailing it in the enclosed prepaid envelope. You can also:
- Complete the form electronically by visiting www.SBSettlement.com.
- Scan the form and email it to info@SBSettlement.com.
- You do not have to take part in this settlement.
- You do not need to pay anything to get a check from the settlement.
- You do not need to currently have an open account with Sage Bank.
- It does not matter whether your account went into default or foreclosure.
- You do not need to hire a lawyer or use a claims filing service in order to take part. However, you are free to consult a lawyer of your choice, at your own cost, to discuss whether to take part and to obtain more information on how the settlement might affect you financially, including with respect to your personal income tax filings.
- Having a lawyer will not cause you to receive your payment more quickly or increase the amount of your payment.
The Participation and Release Form shows the estimated minimum payment that you will receive if you are eligible. When final payment amounts have been determined, you will get a check for the final payment amount.Top
Because of the large number of borrowers affected by this settlement, Sage Bank is using Kurtzman Carson Consultants as the Settlement Administrator to contact eligible borrowers and distribute payments. Kurtzman Carson Consultants is located in San Rafael, California.
The Settlement Administrator’s activities will be overseen by the Government. Sage Bank is paying all of the Settlement Administrator’s costs and expenses.
No. There is no fee to take part in the settlement. Any mailings or phone calls that tell you to pay to take part in the settlement are a scam. Any person claiming to be related to the settlement other than from the Settlement Administrator, Sage Bank, the DOJ, or your local U.S. Attorney’s Office is a scam. You should immediately report any possible scams related to this settlement to the Settlement Administrator at 1-844-239-8906 or email info@SBSettlement.com.Top
If there are co-borrowers on the same account, each co-borrower must sign and return a separate Participation and Release Form in order to receive payment.
Each co-borrower can choose to take part in the settlement even if the other does not. If there are two eligible borrowers on the account, each person is only entitled to receive one-half of the money due on that account.
The Settlement Administrator and the Government will not mediate disputes between co-borrowers on whether to sign the Participation and Release Forms or the amount of payment to which each co-buyer may be entitled.
If a borrower has died or is no longer competent to handle his or her own affairs, the amount that the borrower is eligible to receive may go to his or her estate or to the agent in charge of the borrower’s financial affairs. Please call the Settlement Administrator at 1-844-239-8906 for special instructions.Top
If you or your co-borrower filed for bankruptcy after taking out the eligible Sage Bank mortgage, the settlement payment may affect the bankruptcy. This could happen even if that bankruptcy case has been closed. You should contact the attorney who represented you or your co-borrower in the bankruptcy proceeding to discuss whether the money you are eligible to receive may be an asset of the bankruptcy estate. If you or your co-borrower did not file the bankruptcy petition with an attorney and you still do not have one, you should tell the trustee who was assigned to the bankruptcy case that you are eligible to receive money as a result of this settlement.Top
Yes. You may participate in the settlement regardless of where you currently live.Top
Yes. You may participate in the settlement whether you still own the house associated with the Sage Bank mortgage or not.Top
The Settlement Administrator should be able to answer your questions about this settlement. To contact the Settlement Administrator call 1-844-239-8906, or send an email to info@SBSettlement.com. If the Settlement Administrator cannot answer your question, the Administrator will consult with the Department of Justice, which may contact you directly.Top