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.
Am I eligible to receive a payment?
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.
How are eligible borrowers being contacted?
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).
When will my payment be mailed?
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.
What if I did not receive a letter?
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
Questions? 1-866-329-5282 or [email protected]