Wells Fargo said in a filing on Tuesday that an expanded review found additional “errors” that inflated estimates of attorneys' fees for homeowners in the foreclosure process. Legal fees are taken into account when banks determine if customers qualify for mortgage modifications or repayment plans. Foreclosure News
FILE PHOTO – A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith The bank said in a filing with regulators that an expanded review found that 870 customers were incorrectly denied mortgage changes, leading to 545 of them losing their homes. Foreclosure News
In a new disclosure, San Francisco-based Wells said an expanded review found that approximately 870 customers were incorrectly denied or not offered loan modifications or repayment plans that would have made their mortgages more affordable. As a result, about 545 of those customers lost their homes to foreclosure, Wells said in a securities filing. Foreclosure […]
Bottom Right Default State Name: Delaware State Name underscore: Delaware State Name dash: Delaware State Name lower underscore: delaware State Name lower dash: delaware State Name lower: delaware State Abbreviation: DE State Abbreviation Lower: de It is a continuously updated stream of news from around the web Visit throughout the day for the latest breaking […]
Wells Fargo expects to slash its employment by about 5 to 10 percent over the next three years, as part of a sweeping initiative to streamline the bank and make it more customer-focused, CEO Tim Sloan said Thursday. The reduction would involve job cuts as well as attrition, Sloan said in a press release. Foreclosure […]
DannLaw suspects troubled bank has understated number of victims, urges all Wells borrowers who sought loan mods between 2010 and 2015 to seek legal advice. CLEVELAND, OHIO, UNITED STATES, September 19, 2018 / EINPresswire.com / — Earlier this year Wells Fargo revealed in an SEC filing that a “software glitch” caused the bank to improperly […]
A glitch in Wells Fargo's proprietary mortgage underwriting software led to hundreds of home foreclosures. An SEC filing disclosed in August revealed that a Wells Fargo “calculation error” unfairly barred 625 homeowners from mortgage modification. Foreclosure News
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In a short section of its most recent quarterly report , Wells Fargo revealed that for more than 5 years, beginning in April 2010, the company made “an automated miscalculation” that dropped 625 mortgage holders below a threshold where they could receive a loan modification. 400 of these people subsequently had their homes foreclosed on. […]
A New York homeowner last week fought back against the denial of a mortgage modification by Wells Fargo – using as a cudgel in the bitter spat the bank's admission just weeks earlier that a computer glitch wrongly denied hundreds of customers home loan help . The move by Mia Derosa is the first known […]