Washington, DC: According to a report in Army Times, an official from Wells Fargo has said that approximately 60,000 service members and veterans who refinanced their Veterans Affairs Department mortgage loans through Wells Fargo, Wachovia and SouthTrust will receive refunds as the result of a $10 million settlement in a class-action lawsuit.
Wells Fargo spokeswoman Vickee Adams said that those who may be eligible will have refinanced their loans between January 20, 2004, and October 7, 2010. On average, the refunds are expected to be about $175, she said - the amount will vary with each loan.
The settlement results from a lawsuit filed against Wells Fargo in Georgia, that alleged the company improperly rolled attorneys' fees into expenses charged to veterans for things like title searches. Under VA rules, the lender must cover any costs for attorneys' services other than for title work, and cannot bill the borrower for these charges.
