On Friday Judge Nicholas Byron will hear all pending motions on a 2002 class action case accusing a residential mortgage broker of fraud.
The plaintiffs, Joseph and Shirley Ramsey of Wood River, claim that Creve Coeur Mortgage Associates (CCMA), inflates and lies about the amounts it charges customers, claiming extra charges will be paid to third parties when in fact the company secretly keeps the extra money for itself.
CCMA were the Ramsey’s mortgage broker for their home loans. At the closing of their mortgage, Ramsey claims CCMA charged them $150 for a credit report fee, as reimbursement for an amount CCMA said it paid to obtain a credit bureau.
The Ramsey’s claim that, unbeknownst to them, CCMA paid only a portion of that $150 to the credit bureau, pocketing what was left.
They charge that CCMA should not be permitted to keep any portion of the money it collects in order to pay, or reimburse, third party fees for credit reports, document delivery costs, appraisal fees, wire fees and recording fees.
On behalf of themselves and the class, the Ramsey’s claim CCMA violated the Illinois Consumer Fraud and Deceptive Business Practices Act.
A year ago CCMA attempted to have the case removed to federal court, but the U.S. District Court for the Southern District of Illinois remanded the case back to Madison County.
02 L 1608