Wells Fargo & Co. has been accused of fraudulently delaying approvals to collect late fees. These fees are called rate-lock extension fees. When a borrower applies for a mortgage, the lender (in this case Wells Fargo) promises a certain interest rate, but only if the loan is approved during a specific time period. But the lawsuit states that if the lender is responsible for the delay, they should have to eat the fee.
This class action lawsuit is brought on behalf of all Wells Fargo borrowers who may have been charges improper fees.
The plaintiffs’ attorney, Keller Rohrback, stated in an Interview with the LA Times, “The same profit-over-people culture that fostered Wells Fargo’s fake-account scandal appears to have led the bank to stick borrowers with unwarranted fees”.
It appears this isn’t the best month for the lending giant, Wells Fargo. Just last month, former mortgage banker Mauricio Alaniz, who worked for Wells Fargo, sued the bank and has claimed that the mortgage processing department was so understaffed nearly all applications were delayed resulting in the bank falsely claiming they had submitted incomplete or inaccurate information.
If you are a Wells Fargo Borrower and feel that you have been charges unlawful fees, please contact us today at Info@MyPirl.com
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