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Wells Fargo might require home purchasers or those consumers refinancing a home use Wells Fargo's appraisal subsidiary Rels Valuation, then Wells Fargo requires the home owner pay an inflated fee for the appraisal.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Misrepresentation
- Over Charge
- Excessive or Unauthorized Fees
- Unauthorized Or Illegal Fees
Product or Service
- Home Appraisal
Injury Type
- Monetary Loss
Investigation Details
Investigation and potential class action against Wells Fargo and its appraisal subsidiary Rels Valuation based on reports that Wells Fargo and Rels Valuation engaged in a rigged appraisal process.
The investigation is focused on claims that Wells Fargo forces homeowners to use its appraisal firm, Rels Valuation, which then turns around and subcontracts the work to independent appraisers while charging homeowners an inflated fee for the work. Reports say independent appraisers are forced to work for below market value while Rels Valuation significantly inflates the cost of the work for homeowners, generating profits for itself and its parent, Wells Fargo.
The investigation is focused on claims that Wells Fargo forces homeowners to use its appraisal firm, Rels Valuation, which then turns around and subcontracts the work to independent appraisers while charging homeowners an inflated fee for the work. Reports say independent appraisers are forced to work for below market value while Rels Valuation significantly inflates the cost of the work for homeowners, generating profits for itself and its parent, Wells Fargo.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Wells Fargo & Company (WFC) | Wells Fargo & Company, through its subsidiaries, provides retail, commercial, and corporate banking services principally in the United States |
| Rels Valuation | Rels Valuation is an appraisal firm. |