Amid multiple lawsuits over allegedly illegally charging home loan applicants rate-lock extension fees, Wells Fargo & Co. will refund as much as nearly $100 million.
The issue first came to light in January when ProPublica reported on the alleged improper fees based on statements it reportedly obtained from four former employees.
Then, in July, former employee Mauricio Alaniz filed a lawsuit alleging that even though inadequate production staffing led to closing delays, borrowers were charged extension fees.
Source: Mortgage Daily
