Wells Fargo To Pay $50M To End Home Appraisal Class Action

By John Kennedy (October 31, 2016, 10:29 PM EDT) -- Wells Fargo will pay $50 million to a class of more than 250,000 mortgage holders to resolve California federal claims that the bank improperly marked up fees for third-party home appraisals following loan defaults, Baron & Budd PC said Monday.

The class alleged that their mortgage agreements allowed the embattled bank to pass through the costs of getting so-called "broker price opinions" from third-party real estate brokers but that Wells Fargo secretly charged more for the BPOs than the bank paid for them. A BPO is an informal type of home appraisal prepared by a real estate broker that a lender...

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