Wells Fargo Sued Over Lock Fees

Posted To: MND NewsWire

Another day, another Wells Fargo consumer lawsuit. This time the bank is confronting a class action suit accusing it of improperly charging mortgage customers for interest rate locks . According to Reuters, the lawsuit, filed in a San Francisco federal court, maintains that the bank has improperly charged "thousands of customers nationwide" lock fees when their mortgage applications were delayed . The suit, filed by a homeowner, says that bank managers pressured employees to blame mortgage applicants for the delays so they could be charged extra fees. According to the suit, among the tactics used was to falsely claim the homeowners had failed to produce necessary paperwork. The suit maintains that the rate lock charges violate numerous state and federal consumer protection laws, including the...(read more)

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