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Wells Fargo to Pay $50 Million to Settle Home Appraisal Overcharges | Tony Seruga
Nov
01

Wells Fargo to Pay $50 Million to Settle Home Appraisal Overcharges

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Wells Fargo headquarters in San Francisco. The bank disagreed with claims that it had overcharged hundreds of thousands of homeowners for appraisals after they had defaulted.CreditMax Whittaker for The New York Times

In the latest hit to the battered bank, Wells Fargo has agreed to pay $50 million to settle a class-action lawsuit that accused the bank of overcharging hundreds of thousands of homeowners for appraisals ordered after the homeowners defaulted on their mortgage loans.

The proposed settlement calls for Wells Fargo to automatically mail checks to more than 250,000 customers nationwide whose home loans were serviced by the bank between 2005 and 2010…

Wells Fargo to Pay $50 Million to Settle Home Appraisal Overcharges

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