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Newman v. Wells Fargo Bank, N.A., 85 A.D.3d 435, 924 N.Y.S.2d 264 (Mem), 2011 N.Y. Slip Op. 04730

Facts

Plaintiffs allege that defendant Wells Fargo Bank, N.A. fraudulently misrepresented that their home would be classified as a two-family instead of a one-family home for mortgage purposes. This claim is countered by the terms set forth in a mortgage commitment letter signed by plaintiff Randall S. Newman on the date of the plaintiffs' closing. The plaintiffs also based their remaining claims on the premise that they detrimentally relied upon fraudulently inflated appraisals of the home.

Plaintiffs allege that defendant Wells Fargo Bank, N.A. fraudulently misrepresented that their home would be classified as a two-family instead of a one-family home for mortgage purposes. That claim is refuted by the terms set forth in a mortgage commitment letter signed by plaintiff Randall S. Newman on the date of plaintiffs' closing.

Issue

Did Wells Fargo Bank, N.A. fraudulently misrepresent the classification of the plaintiffs' home for mortgage purposes, and are the plaintiffs' claims based on inflated appraisals actionable?

Did Wells Fargo Bank, N.A. fraudulently misrepresent the classification of the plaintiffs' home for mortgage purposes, and are the plaintiffs' claims based on inflated appraisals actionable?

Rule

Appraisals are not actionable because they are matters of opinion.

Appraisals are not actionable because they are matters of opinion.

Analysis

The court applied the rule by determining that the plaintiffs' claims were not supported by the signed mortgage commitment letter, which contradicted their assertion of fraudulent misrepresentation. Furthermore, the court emphasized that the claims based on inflated appraisals were not viable since appraisals are inherently subjective and not actionable.

The court applied the rule by determining that the plaintiffs' claims were not supported by the signed mortgage commitment letter, which contradicted their assertion of fraudulent misrepresentation.

Conclusion

The court unanimously affirmed the dismissal of the plaintiffs' complaint, concluding that the claims were without merit.

The court unanimously affirmed the dismissal of the plaintiffs' complaint, concluding that the claims were without merit.

Who won?

Wells Fargo Bank, N.A. prevailed in the case because the court found that the plaintiffs' claims were refuted by the signed mortgage commitment letter and that appraisals are not actionable.

Wells Fargo Bank, N.A. prevailed in the case because the court found that the plaintiffs' claims were refuted by the signed mortgage commitment letter and that appraisals are not actionable.

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