Wells Fargo Bank settled a class-action lawsuit for nearly $15 million that was initiated by local mortgage broker Bobbie Dyer, a former Wells Fargo employee.
The $14.7 million will be shared among 7,800 Wells Fargo mortgage brokers across the United States who wrote federally-backed home refinancing loans for the company between April 1, 2011, and Jan. 1, 2013. The amount that each broker receives will be dependent on how many refinancing loans they wrote as part of federal programs like the Home Affordable Refinance Program, or HARP.
Dyer’s lawsuit, filed last June, charged that Wells Fargo, her employer for 18 years, shorted mortgage brokers like her on commissions when they wrote loans for government-sponsored refinancing programs. The settlement, she said, was “the best way to right a wrong.”
“A lot of people are going to get paid what they deserve and what they earned,” said Dyer, now the president of the Melbourne-headquartered Dyer Mortgage Group.