Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Wells Fargo    WFC

WELLS FARGO (WFC)
Mes dernières consult.
Most popular
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Wells Fargo : Details Refunds to Certain Mortgage Customers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/04/2017 | 04:40pm CEST
By Emily Glazer 

Wells Fargo & Co. said Wednesday it is refunding certain customers who may have wrongfully paid fees for mortgage lock extensions. The bank gave additional details on its plans after Chief Executive Timothy Sloan mentioned the refunds during a congressional hearing Tuesday.

The San Francisco-based bank said it would reach out to all home lending customers who paid fees for so-called mortgage rate lock extensions from September 16, 2013 through February 28, 2017, around 110,000 customers, and refund those who believe they shouldn't have paid those fees.

Wells Fargo said it expects the first refunds will go out by the end of the year. Customers in the time frame the bank examined paid a total of $98 million in fees, and the bank said it expects refunds to be lower than that total since "a substantial number of those fees were appropriately charged."

Over the summer the bank disclosed in a quarterly securities filing that it was reviewing policies and procedures around mortgage rate lock extension fees following media reports on the matter. It also disclosed that the Consumer Financial Protection Bureau was investigating the situation.

Wells Fargo said in Wednesday's press release the decision to issue refunds followed an internal review that found its policy implemented in September 2013 wasn't consistent and sometimes customers were charged fees when the bank was responsible for delays that necessitated the extensions. The bank changed its policy in March 2017.

Before September 2013 the bank didn't have a written policy regarding those fees and it usually voluntarily elected to cover most of the costs for reasons including internal production delays, a person familiar with the matter said.

Write to Emily Glazer at [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WELLS FARGO
10/19 WELLS FARGO : Invites Students to Apply for Disability Scholarships
10/19 WELLS FARGO : The Briefcase
10/18 WELLS FARGO : ADDING and REPLACING In Competitive Bid, Wells Fargo Wins More Tha..
10/17 Factbox - U.S. banks top Wall Street estimates despite trading slump
10/17 WELLS FARGO STUDY : After Eight-Year Bull Market, Most Working Americans Say the..
10/17 WELLS FARGO : Earnings Review and Free Research Report: Wells Fargo’s Total Inte..
10/16DJWells Fargo To Compensate Clients for Volatility ETPs After Charges by Regula..
10/16 WELLS FARGO : California extends ban on Wells Fargo business for at least anothe..
10/16 WELLS FARGO : brokerage to return $3.4 million for risky products
10/16 WELLS FARGO : Provides an Additional $850,000 for California Wildfire Relief
More news
News from SeekingAlpha
10/19 Renewed Operating Leverage From U.S. Bancorp Nice To See
10/19 WALL STREET BREAKFAST : Yellen Heads To The Oval Office
10/19 Wells Fargo confident about rebound
10/18 Not Much Going Right For Wells Fargo Yet
10/18 Wells Fargo Is A Hold
Financials ($)
Sales 2017 88 925 M
EBIT 2017 31 773 M
Net income 2017 20 037 M
Debt 2017 -
Yield 2017 2,87%
P/E ratio 2017 13,59
P/E ratio 2018 12,47
Capi. / Sales 2017 2,98x
Capi. / Sales 2018 2,91x
Capitalization 265 B
Chart WELLS FARGO
Duration : Period :
Wells Fargo Technical Analysis Chart | WFC | US9497461015 | 4-Traders
Technical analysis trends WELLS FARGO
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 32
Average target price 57,4 $
Spread / Average Target 6,8%
EPS Revisions
Managers
NameTitle
Timothy J. Sloan President, Chief Executive Officer & Director
Stephen W. Sanger Non-Executive Chairman
John R. Shrewsberry Chief Financial Officer & Senior Executive VP
Scott Dillon Chief Technology Officer
Enrique Hernandez Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
WELLS FARGO-2.47%263 198
JP MORGAN CHASE & COMPANY13.56%344 823
INDUSTRIAL AND COMMRCL BANK OF CHINA LTD39.46%325 771
BANK OF AMERICA19.82%279 379
CHINA CONSTRUCTION BANK CORPORATION30.15%240 357
BANK OF CHINA LTD20.35%218 574