Wells Fargo to refund mortgage rate lock extension fees that were charged inappropriately

Wells Fargo & Co. said it plans to refund mortgage rate lock extension fees that were inappropriately charged during the period from Sept. 16, 2013 through Feb. 28, 2017. The planned refunds follows an internal review that determined some borrowers were charged fees, although the bank was primarily responsible for delays that made the extensions necessary. Wells said a total of $98 million in rate lock extension fees were assessed to 110,000 borrowers, although a "substantial number" of those were believed to be appropriately charged. The announcement comes as Wells Chief Executive Tim......(read more)

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