Judge Approves $18.5M Settlement Over Wells Fargo’s Loan Modification Denials

Mealey's (October 19, 2020, 10:48 AM EDT) -- SAN FRANCISCO — A federal judge in California on Oct. 12 entered final approval of an $18.5 million settlement for a nationwide class of borrowers who allege that they were denied loan modifications under the Home Affordable Modification Program (HAMP) by Wells Fargo Bank NA as a result of an algorithmic error in its software glitch in the lender’s software, finding that the terms of the settlement were fair and reasonable....