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BRIEF-Wells Fargo announces plan to refund customers for mortgage rate lock extension fees
October 4, 2017 / 1:23 PM / in 19 days

BRIEF-Wells Fargo announces plan to refund customers for mortgage rate lock extension fees

Oct 4 (Reuters) - Wells Fargo & Co

* Wells Fargo announces plan to refund customers for mortgage rate lock extension fees

* To reach out to home lending customers who paid fees for mortgage rate lock extensions requested from Sept. 16, 2013, through Feb. 28, 2017​

* ‍Anticipates that first customer communications and refunds will go out in final quarter of this year​

* ‍Total of approximately $98 million in rate lock extension fees were assessed to about 110,000 borrowers during period in question​

* Believes “substantial number” of rate lock extension fees during period in question were appropriately charged under its policy​

* ‍Plan to issue refunds follows internal review that determined a rate lock extension policy implemented in 2013 was not consistently applied​ Source text for Eikon: Further company coverage:

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