Genuine Title, Wells Fargo Mortgage Loan Class Action Settlement

Were you a borrower or a co-borrower on a Wells Fargo residential mortgage loan that was closed by Genuine Title LLC between Jan. 1, 2009 and Dec. 31, 2014? If so, you may be entitled to benefits from a class action settlement.

If approved, this settlement will resolve a class action lawsuit that alleges Genuine Title provided certain unlawful benefits to people, including certain Wells Fargo employees, who agreed to refer borrowers to Genuine Title for the settlement of their residential mortgage loans. The plaintiffs claim that Wells Fargo should be held accountable for its employees’ allegedly improper actions.

Wells Fargo denies the allegations but agreed to settle the class action lawsuit to avoid the expense and inconvenience of trial. Under the terms of the class action settlement, Wells Fargo will pay benefits worth approximately $16.2 million to eligible Class Members.

Class Members who wish to exclude themselves from the Wells Fargo settlement must submit a valid Request for Exclusion by May 14, 2016.

Who’s Eligible

Class Members of the Wells Fargo settlement include the following:

• “All individuals in the United States who were borrowers on a federally related mortgage loan (as defined under the Real Estate Settlement Procedures Act, 12 U.S.C. § 2602) from Wells Fargo Bank N.A. that was closed through Genuine Title between January 1, 2009 and December 31, 2014.”

The Settlement Class consists of two subclasses:

Subclass 1: Includes Class Members whose Wells Fargo mortgage loans were originated by a Wells Fargo employee who has been identified by a federal regulatory agency as having received a benefit from Genuine Title because of the agreement to refer borrowers to Genuine Title (referred to as “Specified Loan Officers”).

Subclass 2: Includes Class Members whose Wells Fargo mortgage loans were not originated by one of the Specified Loan Officers, but whose loans were closed with Genuine Title during the Class Period.

Potential Award

Varies.

Members of Subclass 1 are entitled to a payment equal to 120 percent of the amounts reflected as paid to Genuine Title on the HUD-1 Settlement Statement for their Wells Fargo mortgage loan.

Members of Subclass 2 who submit timely and valid Claim Forms are entitled to receive an amount equal to 50 percent of the amounts as paid to Genuine Title on the HUD-1 Settlement Statement for their Wells Fargo mortgage loan.

Proof of Purchase

Members of Subclass 1 will automatically receive benefits if this Wells Fargo settlement is approved, and do not need to submit a Claim Form.

Members of Subclass 2 must complete and mail a Claim Form to the Settlement Administrator no later than May 31, 2016.

FAQs

FREQUENTLY ASKED QUESTIONS »

Claim Form Deadline

05/31/2016

NOTE: Members of Subclass 1 do not need to submit a Claim Form in order to receive benefits from this class action settlement. Members of Subclass 2 must file a Claim Form by the May 31, 2016 deadline. If you are a Member of Subclass 2 and you do not have a Claim Form, you can request one from the Settlement Administrator.

Case Name

Edward Fangman v. Genuine Title LLC, Case No. 1:14-cv-00081-RDB, in the U.S. District Court for the District of Maryland, Northern Division

Final Hearing

11/04/2016

Settlement Website

www.GenuineTitleWFSettlement.com

Claims Administrator

Settlement Administrator
P.O. Box 2486
Faribault, MN 55021-9186
1-877-526-1014

Class Counsel

Michael Paul Smith
Sarah Zadrozny
SMITH GILDEA & SCHMIDT LLC

Timothy F. Maloney
Veronica B. Nannis
JOSEPH GREENWALD & LAAKE PA

Defense Counsel

Virginia W. Barnhart
Russell J. Pope
TREANOR POPE & HUGHES PA