The United States Department of Justice (“DOJ”) has entered into a settlement (or “Consent Order”) with Wells Fargo Bank, N.A. (“Wells Fargo”) over allegations of mortgage lending discrimination. The settlement established a $184.3 million fund to pay African-American and Hispanic borrowers identified as eligible borrowers by the DOJ. Go to the Documents page to view documents that provide full information about the settlement.
To be eligible for compensation, a borrower must have obtained a mortgage loan from Wells Fargo between January 1, 2004, and December 31, 2009, and at least one borrower on the loan must be African-American or Hispanic. The borrower must also be identified by the DOJ as a borrower who may have been overcharged broker fees and rates, or who received a subprime loan even though the borrower may have been eligible for a prime loan.
Letters are being mailed in April and May 2013 to all eligible borrowers. To receive a settlement payment you must return the enclosed Participation Form to the independent administrator (Epiq Systems).
Borrowers who return a valid Participation Form will be mailed a Release in early 2014. Once the Release is signed and returned, a check will be mailed to you.
If you did not receive a letter about this settlement, but you believe that you are entitled to receive a payment, complete and submit an Eligibility Determination Request Form. Epiq and the DOJ will review your information and Epiq will inform you about your eligibility to receive a settlement payment.
If you have questions, please call 1-866-329-5282 or send an email to info@WellsFargoDOJConsentOrder.com.