Wells Fargo Named in Proposed Class Lawsuit Over Rate-Lock Fees

Wells Fargo made mortgage customers pay millions of dollars in improper fees to lock interest rates, a proposed class lawsuit filed Oct. 19 said.

The suit in the U.S. District Court for the Northern District of California targets problems that Wells Fargo acknowledged earlier this month that could require the bank to refund as much as $98 million in fees, though the bank says the actual refund amount probably will be less (Brach v. Wells Fargo & Co., N.D. Cal., 17-cv-05990, complaint filed 10/19/17).

According to the complaint by Brian Brach and other mortgage applicants, Wells Fargo employees ...