A former employee of Wells Fargo & Co. has filed a federal lawsuit alleging the lender wrongfully charged customers for rate-lock extension fees.

Mauricio Alaniz previously worked in Beverly Hills, California, for the San Francisco-based bank-holding company in the mortgage department.

According to his lawsuit, Wells Fargo charged fees to extend rate locks even though it was the financial institution’s fault that the rate locks expired.


Source: Mortgage Daily