Refer to your Customer Rate Discount Disclosure in your initial disclosure package for additional details on the Asset-Based Relationship Discount. On April 20, 2018, the Bureau of Consumer Financial Protection (CFPB) assessed a $1 billion penalty against Wells Fargo Bank as a result of: (1) unfairly failing to follow the mortgage-interest-rate-lock process it explained to some prospective borrowers; and (2) operating its force-placed insurance program in an unfair manner. Under the terms of the consent orders, Wells Fargo will remediate harmed consumers and undertake certain activities related to its risk management and compliance management. The Bureau of Consumer Financial Protection (Bureau) has reviewed aspects of the following conduct of Wells Fargo Bank, N.A. (Respondent, as defined below): (1) charging fees for rate-lock extensions in connection with residential-mortgage lending; A rate lock is a guarantee assuring that a mortgage lender will honor a specified interest rate at a specific cost for a set period. The company previously disclosed that it was reviewing past policies and procedures … Wells Fargo said on Wednesday that the review determined that the mortgage rate lock policy "was, at times, not consistently applied." Wells Fargo & Company (NYSE: WFC) today announced plans to reach out to all home lending customers who paid fees for mortgage rate lock extensions requested from Sept. 16, 2013, through Feb. 28, 2017, and to refund customers who believe they shouldn’t have paid those fees. A recently filed lawsuit against Wells Fargo & Co. alleges that the bank charged unwarranted rate lock extension fees. It was blatantly dishonest on the part of Wells and they deserved the resulting bad press; you can read more about it here . WELLS FARGO BANK, N.A. During the period in question — Sept. 16, 2013 to Feb. 28, 2017 — Wells Fargo assessed about $98 million in rate lock extension fees … The plaintiff in the new class action, Victor Muniz, says he decided to buy a home in Sandy Valley, Nevada, near his parents, and turned to Wells Fargo for his mortgage. The company implemented changes on March 1, 2017, that are intended to ensure greater consistency. The Bureau also found that Wells Fargo violated the CFPA in how it charged certain borrowers for mortgage interest rate-lock extensions. In Wednesday’s press release, Wells Fargo said that it conducted an internal review, which found that its rate lock extension policy was not always applied consistently. Wells Fargo was sued in 2017 for charging borrowers for “lock extensions” even though the delays that fostered the need for the lock extensions were clearly Wells Fargo’s fault. Asset-Based Relationship Discount: For jumbo loans, you may qualify for a rate discount based on the balance of your eligible assets at Wells Fargo Bank, N.A. Mortgages: Wells Fargo charged about 110,000 home loan borrowers for mortgage rate lock extensions, even when the bank was at fault for delays that led to … and/or Wells Fargo Advisors.

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