The PNC class action lawsuit mortgage loan product is a loan product that is currently in use in the United States and has been for quite some time. It can be called a subprime lending program. Sub prime lending is a lending program whereby a borrower who does not qualify for regular loans or credit lines seek out this kind of financial arrangement. A PNC refers to this borrower as a sub prime lender. The borrowers who are subprime lenders fall between those who have good credit and those who do not.
PNC Class Action Lawsuit Mortgage
This is where the PNC class action lawsuit mortgage loan product comes in. This lending program was designed to assist borrowers who might have been otherwise unable to get a loan. The borrowers were referred to as sub-prime lenders. It was felt by those who devised the class action lawsuit mortgage plan that they were simply trying to make a living. If the plaintiff was successful, the lending institution would pay damages. If the plaintiff was unsuccessful, no damages would be paid.
This is how the class action lawsuit mortgage plan came about. A PNC would come into a business like any other lending institution.
The lending institution would contact the borrowers and ask them if they were interested in taking on a loan. If so, they would approach the borrower and explain the circumstances. They would then present a proposal that would include interest rates and other fees in a contract that the borrower could sign alone.
If the borrower agreed to the contract by all parties would enter into an agreement of damages and repayment.
Such an agreement of damages and repayment would provide protection for both the lender and the borrower. The PNC class action lawsuit mortgage plan has become a way to help those who need loans in today’s market. The PNC has been known to settle out of court or otherwise and therefore many people do not even realize they are going through a settlement process.
The PNC class action lawsuit mortgage plan has been helpful to those who have needed loans.
While it may not be the perfect way to get a loan the ones that have sued in the past have been able to benefit from the plan. The plaintiffs in the lawsuit often receive a percentage of the amount they are owed, or even more. The borrowers who can afford to pay high interest rates may be able to pay less and get better deals on their loans.
While the class action settlement is a great plan for borrowers, it does not help the lending institutions.
They still have to go through the normal process of loan approval and still have to provide the borrowers with the necessary documents for the loan. It is the lending institutions that are at risk here. Even though the borrowers are protected, the lender still has to go through the lengthy process of receiving all the paperwork.