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This settlement is closed!
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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
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
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
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75 thoughts onWells Fargo Mortgage Fee Class Action Settlement
Wells Fargo stole my home! Inflated my payment from $800 to $1700 in 6 months. (AND OOOOO THE FEES) Refused to work with me and then sent a company into lock me out and stole my packed belongings and nothing was ever done about any of it….CROOKS CROOKS CROOKS How can I find my loan number from 2007?
We had same experience!
Their employees pulled everything Illegal what exactly does that mean?
How can I find out if I’m included in this class action lawsuit?
What is the email address to send in my completed form?
please call me
I tried inputting my information and loan number many times, the system keeps kicking back that I have an invalid loan number. WTF!!!! I am still paying on this loan so I know the loan number is valid
You should definitely contact the settlement administrator with any questions about your status as a class member. The settlement website has a “Contact Us” section with contact information for both the settlement administrator and class counsel. Good luck, and keep us posted!
Good luck with getting a dime back from Wells Fargo. I have two mortgages with them, they send me out forms telling me I am apart of a settlement, only to never receive one dime!
I now wonder if these attorneys are working with Wells Fargo, and are collecting the money
I fall into the category but paid of my loan and do not have loan number to file
Same with myself
American Servicing Company included in this fiazgo??
I am very disappointed at this 50 MILLION DOLLAR lawsuit. We waited a long time for it. Now I read the payout will be less than what Wells Fargo STOLE from us! ONLY ABOUT $100!!!!!!!!
Fargo charged us several times this in fees!!! WTF! Then, when they re worked the loan and they took all the fees, added interest to them, and then placed a 60k balloon payment at the end of the loan. TOTAL BS! The only winners here are the lawyers… yet again!
This reward should have been two more zeros added to the 100!!! Nothing changes, the people get screwed and the lawyers win…
Same thing with the damn YAZ Lawsuit. My wife looses her gallbladder and almost dies from the loss because of YAS and she gets a check for 2k?????????????????? Bayer wins and Lawyers win and we loose!!!!!!!!!!!!!!!!!!!!!!!!!!!!! SCAMS SCAMS SCAMS!!!!!!!!!!!! YAS IS STILL ON THE MARKET! WHY?
These class actions have only ever really been BEADS FOR THE NATIVES LAND….
LAWYERS SUCK!
How can I find out if I’m included in this class action lawsuit?