Real Estate Forums

San Diego Real Estate · 10-19-2005, 08:59 AM

New RESPA lawsuit filed against Wells Fargo alleging game resulted in higher Closing Costs.
In a previous exclusive, we reported that HUD was taking a look at Wells Fargo’s ‘Play of the Week’ game for possible violations of RESPA. Now, a new class action lawsuit has been filed in Miami with plaintiffs alleging that their mortgage costs were artificially inflated to allow Wells Fargo to pay for the prizes awarded to Realtors, builders, CPAs and attorneys through the game.

REMAX LV · 10-19-2005, 03:56 PM

Poor Wells Fargo just cannot keep their heads above water! What were they thinking when they decided to offer the program/ incentive??

San Diego Homes & Condos · 10-21-2005, 03:43 PM

Well at least they can afford the consequences they should have known better I bet there is a job opening for whatever position the person had that came up with that idea.

Las Vegas Homes · 10-21-2005, 04:20 PM

That is what I do not understand. How can a large company like Wells Fargo lack the common sense to follow RESPA's rules and guidelines?

Las Vegas Real Estate · 10-22-2005, 01:09 PM

Not for anything, but they deserve what they get! I mean, if a big name like Wells Fargo is going to be that irresponsible, then they should have to deal with the consequences of not following the rules.