July 12, 2024
Home » Wells Fargo To Add $500 Per Recovery Through Mid-November

Wells Fargo To Add $500 Per Recovery Through Mid-November

We received word of this late Sunday. Emails from other forwarders are reportedly coming Monday.

$500 Increase on Wells Fargo Repos

Starting on orders with an assignment date of 8/15/22 through 11/15/2022 Wells Fargo has agreed to a $500 fee increase on most repo fees. Millennium will directly pass 100% through to you, our agent community. Millennium will communicate this information on the assignment in the instructions through Recovery Connect.

The following rates will be in place on these assignments.

• $365 Invol fee from Millennium being extended

• $500 Adder from Wells Fargo on all Involuntary, Voluntary, and Impound Recoveries (except the 7 states noted below)

• $40 Fuel Surcharge = $905 per Involuntary Wells Fargo Repo NOTE: Please bill additional $40 Fuel Surcharge and $500 Adder upon recovery

NOTE: Wells Fargo has excluded the following states from this $500 adder program at this time: Arizona, California, Idaho, Nevada, Oregon, Utah, Washington – sorry, we will update you with any changes to this.

A few important points

• Initiation of direct contact at place of employment or residence is forbidden

• Should borrower initiate direct contact, discussion should be limited to acceptance of keys

• Borrowers communication around payments should be directed back to Wells Fargo

Game Changer Discussing this with several agency partners, this is a game changer! You will be able to receive $905 on each Involuntary repo for Wells Fargo. Also the additional $540 on every Voluntary and Impound for Wells Fargo. The hope is that this gives you the resources needed to focus on driving higher recovery rates for Wells Fargo, while helping you earn higher revenues. NOTE: Wells Fargo and Millennium reserve the right to terminate this project at any point prior to the 11/15/2022 timeline, so it will be important that we all work together in ensuring a successful project.