Wells Fargo to give homeowners $3.45 million for mail error

Mortgage & Real Estate

A Wells Fargo mortgage unit will pay $3.45 million to some customers after the bank self-reported a processing error that delayed the mailing of letters to almost 8,000 homeowners in bankruptcy, according to an article in Reuters by Suzanne Barlyn.

The article stated that the delay shortened homeowners’ notice period about changes to monthly mortgage payment amounts.

From the article:

The unit, called Wells Fargo Bank NA, agreed on the sum in a pact with the Department of Justice’s U.S. Trustee Program, which oversees the country’s bankruptcy system, according to a letter from the bank filed in U.S. Bankruptcy Court in Greenbelt, Maryland.

Wells Fargo agreed to fix the mailing error and give credits and refunds worth $3.45 million to affected homeowners.

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