Wells Fargo Mortgage Lenders in United States to Benefit From Settlement with Wells Fargo

Wells Fargo Mortgage Lenders in United States to Benefit From Settlement with Wells Fargo

Wells Fargo Bank of Orlando has agreed to settle a class action lawsuit brought by mortgage lenders with Wells Fargo who claimed that they were shorted on their commissions.

Wells Fargo has agreed to pay $15 Million in the settlement.

If you worked for Wells Fargo as a mortgage lender between April 2011 and January 2013 you may be entitled to compensation from this class action case.

Around 7,800 Wells Fargo mortgage lenders in the United States including about 500 in Florida are eligible.

According to the Orlando Sentinel:

“The suit accused Wells Fargo of making tens of millions of dollars off its lenders by low-balling their commission payments and violating terms that were clearly spelled out in the employment contracts. Employees said the bank routinely refused to pay the higher commissions that were due for originating loans backed by Fannie Mae and Freddie Mac, according to the suit.”

Wells Fargo has denied all the claims. They have stuck by their stance that they have adhered to all commission contracts. They settled the case in order to keep from having to go through a tough court litigation process.

The mortgage lenders who brought the suit said that they did not want to sue Wells Fargo. They said they went through all the proper channels of trying to work this out without bringing the class action suit.

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