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.


About Bill Hardekopf

Bill Hardekopf is the CEO of 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.
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