Latest Wells Fargo Lawsuit Claims Bank Overcharged Mortgage Fees

Latest Wells Fargo Lawsuit Claims Bank Overcharged Mortgage Fees

August 30, 2017         Written By Bill Hardekopf

Wells Fargo has been continuously hit with lawsuits over the last few months. The newest one alleges that Wells Fargo delayed mortgage approvals to charge extra fees.

The class action lawsuit was filed by one Nevada homeowner, Victor Muniz, but it could affect thousands of customers throughout the country. Muniz claims his mortgage approval was delayed by the bank, not anything that happened on his end. As a result, he had to pay a penalty to lock-in the interest rate he was approved for. The bank was supposed to cover the $287.50 rate extension fee, but they have yet to pay him back.

The lawsuit says Wells Fargo employees were pressured into delaying mortgage applications by stating that paperwork was missing or by having communications issues with the property appraiser.

Tom Goyda, a spokesman for Wells Fargo, said, “Our current processes are designed to ensure that our rate lock extension fee policy is interpreted and applied consistently. We continue to work through a comprehensive review of our past practices regarding rate-lock extensions that will help us evaluate the facts.”

Within the last 30 days, Wells Fargo has been confronted by the CFPB for closing valid accounts, sued for charging unauthorized merchant fees, and sued for charging for unnecessary auto insurance.



The information contained within this article was accurate as of August 30, 2017. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


bill-hardekopf

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.
View all posts by Bill Hardekopf
Featured Low Interest Card
Top Features : 1.25X miles on every purchase; no annual fee; bonus of 20,000 miles once $1,000 is spent in first 3 months
Featured Cash Back Card
Top Features : 1.5% cash back on all purchases; $150 bonus after spending $500 in first 3 months
Featured No Annual Fee Card
Top Features : Earn cash back TWICE. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Featured Bad Credit Card
Top Features : Perfect credit not required; Reports to major credit bureaus
Featured Fair Credit Card
Top Features : No annual fee; access to higher credit line after making first 5 monthly payments on time
Featured Limited/No Credit
Top Features : No annual fee; reports to major credit bureaus; access to higher credit line after making first 5 monthly payments on time