Wells Fargo Improperly Charged Rate Lock Extension Fees
Between January 1, 2002 and December 31, 2013, Wells Fargo wrongfully took money from thousands of mortgage applicants by improperly charging them for “rate lock extension fees” or RLEFs.
These fees were intended to “lock in” the mortgage rate against market fluctuations. The fees which ranged up to 1 percent of a loan amount were required by Wells Fargo when mortgages did not close in the expected time frame. The fees were assessed to hold a certain mortgage rate beyond the normal 30 to 45 days. In some cases, people may have paid multiple fees due to delayed closings.
People Who Paid Wells Fargo Mortgage Fees May be Eligible for Compensation
If you or someone you know obtained or refinanced a mortgage with Wells Fargo and paid an RLEF to secure a certain mortgage rate between January 1, 2002, and December 31, 2013, the company may have profited from improper charges.
People who paid a Wells Fargo RLEF payment may be eligible for compensation even if they received a refund check.