Jan
23

Wells Fargo and Rels Valuation’s Appraisal Practices and Fees Being Investigated

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Hagens Berman is investigating Wells Fargo and its appraisal subsidiary, Rels Valuation, based on reports the companies allegedly engaged in a rigged appraisal process designed to boost profits at the expense of homeowners and independent appraisers.

The firm is investigating claims that the company 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.

The practice, if proven, damages homeowners as Wells Fargo and Rels Valuation control the appraisal market, a profit-boosting move that allows the companies to control third-party appraisers.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.marketwatch.com/News/Story/Story.aspx?guid={6ACE176E-A42A-43CC-863A-0CAFBA14D178}&siteid=nbsh
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BLOG NOTE:
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This will be interesting. The lack of transparency is why many banks and appraisers do not trust many appraisal management companies. Our appraisal management model is much different, with standardized fees and a higher degree of transparency to the lender clients.
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Michael Dodds

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