Wells Fargo sends refunds to some FHA mortgage customers

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Wells Fargo sends refunds to some FHA mortgage customers

Wells Fargo sends refunds to some FHA mortgage customers

The bank says the customers paid unnecessary fees for their loans. If customers cash the checks, they can’t later sue Wells Fargo.

LA TIMES-

Thousands of Wells Fargo & Co. home loan customers recently received a surprise in the mail: refund checks from the big bank, along with letters saying they had paid unnecessary fees for their mortgages.

The unsolicited offers of thousands of dollars arrived with a catch — if the borrowers cash the checks, they can’t later sue the No. 1 U.S. home lender. The San Francisco bank said in the letters that borrowers were put into more expensive loans when they could have qualified for cheaper ones.

Analysts said the letters sent to potentially 10,000 Wells Fargo borrowers were a way for the bank to sidestep further litigation over “steering” customers into unfavorable loans — allegations that the government has made about certain Wells Fargo operations in the past.

[LA TIMES]

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