Jan
23
Wells Fargo Levied Fees on Mortgages It Delayed, ProPublica Says
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Practice broke bank’s policies, ex-employees tell publication
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‘We are reviewing these questions,’ company says in statement
Wells Fargo & Co. charged some homebuyers fees to extend promised interest rates when the bank failed to process their mortgage applications on time, ProPublica reported, citing four former employees from the Los Angeles area.
The practice, apparently limited to that region, broke with the company’s policy of eating the fees when it was at fault for delays, the publication said. They typically amount to about $1,000 to $1,500 if deadlines are missed and interest rates have increased, it said…
Wells Fargo Levied Fees on Mortgages It Delayed, ProPublica Says
