Wells Fargo customers to receive $50 million for overcharged mortgage fees

Borrowers who had a mortgage serviced by Wells Fargo between May 6, 2005 and July 1, 2010 could soon receive their share of a $50 million settlement, which stemmed from charges that Wells Fargo overcharged borrowers for Broker’s Price Opinions during the time period in question.

The settlement, which was initially announced in October, stems from a class action lawsuit against Wells Fargo.

The plaintiffs argued that Wells Fargo violated the law by charging borrowers more than the amount Wells Fargo paid for Broker’s Price Opinions. The lawsuit stated that Wells Fargo charged certain borrowers between $95 and $125 for the BPOs, instead of the typical cost of $50 or less.

Read on.

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