If you're looking into Gregory Funding, you should know it's a key player in residential mortgage servicing, founded in 2009 and headquartered in Oregon. The company manages over 13,000 loans, totaling approximately $2.86 billion. Recently, Gregory Funding settled allegations regarding misrepresented mortgage statements for $200,000. If you received a statement between May 2016 and May 2017, you might be eligible for compensation. Their financial performance has been mixed, facing losses in Q1 2024 while also competing with other tech-driven servicing companies. There's much more to uncover about their operations and market position.
Key Takeaways
- Gregory Funding, founded in 2009, specializes in residential mortgage servicing and is headquartered in Tigard, Oregon.
- The company managed around 13,110 loans totaling $2.86 billion as of June 30, 2019.
- Gregory Funding recently settled for $200,000 over allegations of misrepresenting mortgage statements, impacting claims between May 2016 and May 2017.
- The settlement allows ongoing mortgage holders to receive automatic credit while others must submit claims by July 23, 2021.
- The company faces competition from Sagent and Valon amid a growing demand for advanced online financial services.
Company Overview
Gregory Funding, LLC, founded in 2009, is a dynamic player in the residential mortgage servicing industry. Operating out of Tigard, Oregon, you'll find that Gregory Funding specializes in servicing residential mortgage loans, focusing particularly on re-performing and non-performing loans, as well as small balance commercial loans.
As of June 30, 2019, the company managed approximately 13,110 loans, with a staggering total unpaid principal balance of about $2.86 billion.
What sets Gregory Funding apart is its commitment to effective default management. The company earned recognition when Fitch Ratings upgraded its residential primary servicer rating to RPS3 on August 21, 2019.
With an emphasis on individualized loan loss mitigation strategies, Gregory Funding utilizes customized servicing software to assess each borrower's situation, ensuring ideal loan resolutions tailored to their needs.
Settlement Overview
A recent settlement has emerged as a significant development for individuals who received misrepresented mortgage statements from Gregory Funding. The company has agreed to a $200,000 settlement to address allegations of violations related to the Fair Debt Collection Practices Act (FDCPA) and the Truth in Lending Act (TILA).
While Gregory Funding denies any wrongdoing, it chose to settle to avoid the costs of litigation.
If you were affected between May 18, 2016, and May 1, 2017, you may benefit from this settlement. Class members with ongoing mortgages will automatically receive credit, while others must submit a claim form by July 23, 2021.
After deducting expenses, the remaining settlement fund will be distributed equally among eligible class members.
It's essential to note that any uncashed checks will be donated to charity after 180 days, so make sure to keep an eye on your potential payout.
This settlement represents a vital step in addressing the issues related to misrepresented mortgage statements, helping guarantee accountability within the debt collection industry.
Stay informed and take action if you believe you qualify for this settlement.
Class Member Eligibility
If you received a monthly mortgage statement from Gregory Funding between May 18, 2016, and May 1, 2017, you might be eligible to be a Class Member in the settlement.
For those with ongoing mortgages, you'll automatically get a credit, while individuals without ongoing mortgages need to submit a claim form for compensation.
Let's break down the eligibility criteria and the claim submission process to see what you need to do.
Eligibility Criteria Overview
To qualify for the Gregory Funding settlement, you must have received a monthly mortgage statement from the company between May 18, 2016, and May 1, 2017.
If you still have an ongoing mortgage with Gregory Funding, you'll automatically receive a credit from the settlement fund—no claim submission needed. This makes it simple for you to benefit from the settlement without any extra steps.
However, if you no longer have an ongoing mortgage, you'll need to take action. You must submit a claim form to be eligible for compensation from the settlement.
Fortunately, the process is straightforward, as claims don't require proof of purchase. This means you can easily participate without digging up old documents.
Keep in mind that the deadline for submitting claim forms is July 23, 2021. If you miss this date, you won't be able to receive any settlement benefits.
It's crucial to stay organized and verify your claim is submitted on time. Overall, understanding these eligibility criteria will help you navigate the process effectively and maximize your potential compensation from Gregory Funding.
Claim Submission Process
Understanding the claim submission process is vital for Class Members looking to secure their portion of the Gregory Funding settlement. If you received a monthly mortgage statement from Gregory Funding between May 18, 2016, and May 1, 2017, you're eligible to be a Class Member.
Those with ongoing mortgages will automatically receive a credit from the settlement, but if you don't have an ongoing mortgage, you need to submit a claim form to receive your share.
Make certain to submit your claim form by the deadline of July 23, 2021. You won't need to provide proof of purchase, but remember that your claims must be submitted under penalty of perjury. Filing fraudulent claims can harm other eligible Class Members and affect the overall settlement process.
Once all claims are processed, Class Members will receive an equal share of the settlement fund after expenses are deducted.
Be aware that any uncashed checks after 180 days will be donated to charity, so it's important to cash your check promptly. Following these guidelines can help guarantee you receive your rightful share of the settlement.
Claims Process
Submitting a claim for the Gregory Funding settlement is essential for ensuring you receive your rightful share of the $200,000 fund. The claims process is straightforward, but you must act quickly, as the deadline for submitting your claim form is July 23, 2021.
If you have an ongoing mortgage, you'll automatically receive credit; however, if you're a Class Member without an ongoing mortgage, you'll need to submit a claim form without proof of purchase.
When filling out your claim, remember that it must be submitted under penalty of perjury. It's vital to avoid fraudulent claims, as they can negatively impact other eligible Class Members.
- You deserve the financial relief you've been waiting for.
- Don't let the opportunity slip away; every dollar counts.
- Your unpaid principal balance matters—claim what's yours.
- Together, we can make a difference in our community.
Keep in mind that any uncashed checks after 180 days will be donated to charity, so be sure to stay on top of your claim to secure your rightful funds.
Legal and Administrative Details
In the case of "White, et al. v. Gregory Funding LLC," with Case No. 2017-20800, you'll want to stay informed about the legal proceedings.
The settlement administration process is managed by a designated Settlement Administrator, ensuring claims are handled properly.
You can find more details and submit claims through the settlement website, MortgageFeeSettlement.com.
Case Name and Number
The case name for the settlement is *White, et al. v. Gregory Funding LLC, Case No. 2017-20800*.
This case highlights the significant concerns over mortgage fees, bringing together individuals who may have felt misled or burdened. You should know that a final hearing regarding the settlement is set to occur 60 days after the mailing of Class notice to eligible members. This timing is essential, as it allows you to stay informed and engaged in the process.
To help you understand the emotional impact of this case, consider the following:
- You may have faced unexpected financial burdens.
- The stress of dealing with mortgage companies can be overwhelming.
- Many individuals feel a sense of injustice when fees seem excessive.
- This settlement offers a glimmer of hope for accountability.
Claims related to the settlement will be managed by a designated Settlement Administrator, ensuring proper processing and distribution.
Class Counsel representing the plaintiffs includes Gubernick Law PLLC and Edwards Law Group PLLC.
For more details, you can visit the settlement website at MortgageFeeSettlement.com. Stay informed; your voice matters in this process.
Settlement Administration Process
Understanding the settlement administration process is essential for class members seeking to navigate their claims effectively. In the case of White, et al. v. Gregory Funding LLC, the process guarantees that all claims are handled systematically and fairly, especially regarding alleged violations of the Fair Debt Collection Practices Act and the Truth in Lending Act.
Once the Class notice is mailed to eligible members, a final hearing will take place 60 days later. During this period, you'll want to prepare your claim, which will be managed by a designated Settlement Administrator. This administrator will oversee the entire claims process, making it easier for you to submit your claim without confusion.
Class Counsel, including Gubernick Law PLLC and Edwards Law Group PLLC, are dedicated to representing your interests throughout this process. They're your advocates, guaranteeing that your rights are protected.
For more detailed information on how to submit your claim and important deadlines, visit the settlement website at MortgageFeeSettlement.com. This resource will guide you through the necessary steps, helping you secure what you're entitled to in this settlement.
Financial Performance
Amidst a challenging financial landscape, Gregory Funding's Q1 2024 performance highlights notable shifts in its fiscal health. The company reported an interest income of $15.7 million, but the financial performance is overshadowed by a staggering net loss of $(74.3) million, translating to an operating loss of $(4.8) million or $(0.16) per share.
This significant decline is concerning, especially as the GAAP book value per common share plummeted from $9.99 to $6.87 between December 31, 2023, and March 31, 2024.
- Feel the weight of uncertainty as losses mount.
- Witness how cash flow struggles to keep pace.
- Experience the anxiety of declining stockholder value.
- Understand the pressure of repayment amidst losses.
Despite these challenges, Gregory Funding ended the quarter with $100.1 million in cash and cash equivalents, having collected $80.9 million in cash.
The company executed substantial loan sales to repay outstanding convertible notes, which resulted in a mark-to-market loss of $47.3 million on loans moved to held-for-sale.
These figures paint a complex picture of resilience amid adversity, but the road ahead remains steep.
Industry Trends and Competitors
In today's rapidly evolving mortgage industry, Gregory Funding faces stiff competition from companies like Sagent and Valon, which are at the forefront of residential mortgages and loan servicing technology. As consumer demand for seamless online financial services grows, these companies leverage advanced servicing software to streamline processes and enhance customer experience.
Additionally, understanding the importance of creating a retirement savings plan is essential for consumers as they navigate their financial futures, making it imperative for mortgage servicers to provide robust financial wellness solutions.
You've likely noticed a significant shift toward automation in loan origination and servicing, making it imperative for mortgage servicers to adapt. This trend not only improves efficiency but also helps in managing debt more effectively.
Gregory Funding's unique funding model and strong investor relationships give it a competitive edge in attracting diverse investors, which is essential in this rapidly evolving market.
Moreover, financial wellness solutions are becoming increasingly significant for consumers. Gregory Funding recognizes the need for customer education and support, ensuring clients understand their mortgage options and responsibilities.
Frequently Asked Questions
What Is the Lawsuit Against Gregory Funding?
The lawsuit against Gregory Funding involves allegations of misrepresented mortgage statements between May 2016 and May 2017.
You might be interested to know it claims violations of the Fair Debt Collection Practices Act and the Truth in Lending Act, although Gregory Funding denies any wrongdoing.
If you received a monthly statement during that time, you could be eligible for a settlement, which requires submitting a claim form by July 23, 2021.
Is Gregory Funding Out of Business?
You might feel like a ship steering through a foggy sea when trying to find clarity about Gregory Funding.
As of now, it seems they're out of business, with reports indicating the company has closed its doors. Their last known address points to an end of operations, although their parent company, Great Ajax FS, LLC, may still be afloat.
No bankruptcy filings or litigation updates have surfaced, leaving their past services lingering like echoes in the wind.
Is Gregory Funding a Mortgage Company?
Yes, Gregory Funding is a mortgage company that specializes in mortgage servicing and loan management.
It focuses on residential mortgage loans and offers financial assistance to customers facing hardships. Since its inception in 2009, it has serviced numerous loans, utilizing customized software to assess borrower situations.
With a strong rating from Fitch Ratings, you can trust their effective management processes and commitment to helping borrowers navigate their financial challenges.
Who Owns Gregory Funding LLC?
Gregory Funding LLC is owned by Great Ajax FS, LLC (GAFS). This ownership structure plays a crucial role in its financial health and operational capabilities.
Since it was established in 2009, Gregory Funding has focused on servicing residential mortgage loans effectively. By being a subsidiary of GAFS, it benefits from enhanced ratings and stability, which allows you to trust their services when dealing with mortgage loans in today's financial landscape.
Conclusion
In maneuvering the world of Gregory Funding, think of it like sailing a ship through choppy waters. You need to know the currents—like eligibility and claims processes—to steer clear of pitfalls. Just as a captain relies on a sturdy compass, you can rely on this guide to help you find your way. By staying informed, you're not just weathering the storm; you're charting a course toward financial clarity and potential recovery.
