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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
Who would want a check for a measly $113.99 when they added so much more than they to many mortgagor’s balance due through out several years. Guess once again the attorney’s win and the victimized homeowners/customers LOSE. You act like $113.99 is a good deal here, well I tend to differ and I would suggest not cashing that check. How can you “Legally” be bound to any settlement as the courts allow these Attorney’s to benefit more than we as homeowners/victims to the on going FRAUD Wells Fargo, their hired Attorneys, and their so called “DRIVE BY”S” that was done of purpose to make YOU account get to the point of no RETURN.
*than they did….make your account*
Never received a check, but a notice with a deadline to cash or deposit the check. Said I was issued payment on June 16, 2017… it’s now July 21, 2017.
You should contact the settlement administrator with any questions about the status of your claim. Good luck!
I did and they bacially read me the same information that was on the notice. They were not very helpful at all. Only a check that was sent back to them will be reissued.
Same thing happened to me . I don’t live at the address anymore . I only found out about it because the homeowner now got
A hold of me . It was the notice about the deadline for cashing the check . No check ever came to the house
yes I had wells fargo, screw me too. They bought out my mortgage company Country Wide, I had been paying them an extra $100 a months for years and when fargo came in the money disappeared. Get those SOB’;s
I have NOT received a check yet! Who do I need to call?
How do I know if I will receiveve a check?
I received the check today 6/20/17.
How much was your check? I received mine yesterday for $113.99
Received $113.99 in Florida today
Recvd $113.99 today
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.
I have not received the check as of June 8, 2017. Is there a deadline?
The settlement agreement states that claims will be paid within 30 days of the Effective date. However the Effective Date is in question, and both parties have requested the court’s assistance in determining the correct timeline for the Effective Date. The court yet has not issued a decision on this. Top Class Actions is following the case and will keep our viewers posted.
and this site will not allow you to update your mailing address! yikes!