THis is an investigation and a pending class action lawsuit against Wells Fargo and its appraisal management service, Rels Valuation on behalf of all state-licensed or state-approved appraisers nationwide who have been removed as an approved appraiser by Wells Fargo or Rels Valuation.
The class action lawsuit alleges that Wells Fargo and Reis Valuation pressure and intimidate appraisers to deliver inflated home appraisal values.
Rels allegedly provides the appraiser with a predetermined figure called the "Borrower Estimated Value" and expects the appraisers to deliver reports with values exceeding the Rels-supplied figures, the suit claims. The lawsuit claims, if appraisers refuse to inflate prices and change their reports, they end up blacklisted and denied future work with the companies.
If you've performed appraisals for Wells Fargo or Rels Valuation and been blacklisted, you may be eligible to join this lawsuit.
Name (Stock Symbol)
Wells Fargo & Company (WFC)
Wells Fargo & Company, through its subsidiaries, provides retail, commercial, and corporate banking services principally in the United States
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