Status: closed
Wells Fargo (FHA Interest)
Defendant: Wells Fargo
Wells Fargo agreed to a $30 million settlement over allegations of collecting post-payment interest without providing an FHA-approved payoff disclosure to borrowers who prepaid, inquired about pre-payment, or requested payoff figures. The class is defined as borrowers with FHA-insured loans that originated between June 1, 1996 and January 20, 2015; the borrower or Wells Fargo held legal title when the total loan payment was zero; and Wells Fargo collected interest after the total loan payment was zero. Class members will automatically receive payment when the settlement becomes final.
Final Fairness Hearing is Nov. 20, 2018.