Wells Fargo Mortgage Fee Class Action Settlement

Wells Fargo & Company has agreed to settle a class action lawsuit that alleges the bank violated federal law by charging homeowners more than the amount Wells Fargo paid for Broker’s Price Opinions (BPOs) and by improperly concealing the “marked-up” charges.

If you had a residential mortgage loan serviced by Wells Fargo or one of its subsidiary divisions between May 6, 2005 and July 1, 2010, and you paid Wells Fargo for one or more BPOs, your rights may be affected by the Wells Fargo class action settlement.

If approved, this proposed Wells Fargo settlement will resolve a class action lawsuit claiming the bank imposed excessive and abusive fees on borrowers who were late on their mortgage payments. The plaintiffs alleged that the fees were sometimes inflated by as much as 300 percent.

The BPO fees imposed by Wells Fargo were used to hire a real estate broker to assess the value of a home based on the value of comparable properties. This assessment is reportedly used to help price the property for foreclosure.

According to the Wells Fargo class action lawsuit, lenders are allowed to charge BPO fees, but they cannot perform unnecessary services or inflate the charges to make a profit. The amount of the BPO fees charged by Wells Fargo reportedly ranged from $95 to $125.

Wells Fargo denies the allegations and contends that its BPO policies and procedures complied with the law. However, it has agreed to settle the mortgage fee class action lawsuit to avoid the burden and expense of trial.

Class Members who wish to exclude themselves from or object to the Wells Fargo settlement must do so no later than Mar. 9, 2017.

Who’s Eligible

Class Members include U.S. residents who had a residential mortgage serviced by Wells Fargo and who paid for one or more Broker’s Price Opinions in an amount that was greater than the amount Wells Fargo paid a third-party vendor or real estate broker for the BPO between May 6, 2005 and July 1, 2010.

Eligible Class Members should have received notice of the Wells Fargo settlement by mail. If you did not receive notice but you believe you are a Class Member, contact the settlement administrator.

Potential Award

Each Class Member who does not opt out will receive a pro rata share of the settlement fund. The estimated payment each Class Member will receive is $113.96.

Proof of Purchase

N/A

Update Your Address

UPDATE YOUR ADDRESS »

Claim Form Deadline

N/A. Class Members who do not opt out of the Wells Fargo settlement will automatically receive payment. If you need to update your address, you may do so on the settlement website.

Case Name

Bias v. Wells Fargo & Company, et al., Case No. 4:12-cv-00664-YGR, in the U.S. District Court for the Northern District of California

Final Hearing

4/11/2017  UPDATED

UPDATE: The Wells Fargo mortgage fee class action settlement was granted final approval by the court on April 13, 2017.  Let Top Class Actions know when you receive a check in the comments section below or on our  Facebook page.

Settlement Website

www.BiasvWellsFargo.com

Claims Administrator

Bias v. Wells Fargo Administrator
c/o Epiq Systems Inc.
P.O. Box 2876
Portland, OR 97208-2876
1-866-422-0150

Class Counsel

BARON & BUDD PC

COSSICH SUMICH PARSIOLA & TAYLOR LLC

KINGSMILL RIESS LLC

Defense Counsel

Mark D. Lonergan
Rebecca S. Saelao
SEVERSON & WERSON