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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
I have not received anything as on this class action lawsuit, I received a notice from WFB on this lawsuit, any suggestion on what I should do or who I should contact? Thanks for your assistance!
We have not received anything yet! I will be checking with the connected links to find out. They also did us dirty, too!!
I have never received a check because I do not live at the address anymore . I have updated my address
You’ll need to contact the settlement administrator to inquire about the status of your claim: https://www.biasvwellsfargo.com/Home/ContactUs
This link doesn’t work any longer.
We have had 2 mortgages with them and they are very difficult to understand. I’ve had other issues with them and I’m still not convinced that what they told me was correct. You have to have a degree in finance to understand.
I also haven’t received my check. Was told it was returned due to failure to deliver, although I’ve lived in the same place for 14 years & received the post card informing of amount I should get….i believe it’s all crooked!
I too did not receive a check
I have not received my settlement check either. I called the number on the post card and was told that I missed the cut to have a check reissued to me. When I asked him when the cut off date was he told me he did not know but I missed it. I then faxed a letter to ALL of the Lawyers on the website. I received a call a few house later. I was told I should be re issued a check in a few weeks and if I did not receive it to call him. Well I called him on August 31st and Sept 1st and never received a call back. I am going ahead and filing a complaint with the FTC.
I have not received a check nor has any of my information changed. Whom shall I contact please? Thanks
Receive my check but it has my maiden name instead if my marry name: Johnson
I am still waiting for my check. Just curious how much you received?
I should have received a check, but haven’t received anything. They have the correct address, because I received the original notice at this address.
Who should I contact?