trending Market Intelligence /marketintelligence/en/news-insights/trending/B_bYACzzymVuVG1-QzSPFA2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Wells Fargo to refund clients for mortgage rate lock extensions fees

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


Wells Fargo to refund clients for mortgage rate lock extensions fees

Wells Fargo & Co. will refund customers who were improperly charged for mortgage rate lock extensions from Sept. 16, 2013, through Feb. 28, President and CEO Timothy Sloan told a senate panel during a hearing on Oct. 3.

The company expects to give out the first refunds in the fourth quarter. Approximately $98 million in mortgage rate lock extensions fees have been assessed to around 110,000 customers but Wells Fargo believes a number of these fees were appropriately charged.

According to the company's press release, the rate lock extension policy implemented in September 2013 had not been consistently applied, which resulted in some customers being improperly charged. Wells Fargo changed its mortgage lock extensions process, effective March 1.