Wells Fargo says it will refund customers that paid mortgage rate lock extension fees that were requested from Sept. 16, 2013 through Feb. 28, 2017, as it looks to win back their trust following a scandal over its sales practices.
Wells Fargo & Co. said that approximately $98 million in rate lock extension fees were assessed to about 110,000 borrowers during that period, but it believes a substantial number of the fees were appropriately charged under its policy. The bank said that the amount to be refunded likely will be lower, as not all of the fees assessed were actually paid and some fees already have been refunded.
Continue Reading Below
Wells Fargo said Wednesday that the refunds will start to go out during the last quarter of the year.