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

MarketScreener Homepage  >  Equities  >  Nyse  >  Wells Fargo    WFC

WELLS FARGO (WFC)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Wells Fargo : Announces Plan to Refund Customers for Mortgage Rate Lock Extension Fees

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/04/2017 | 03:09pm CEST

Wells Fargo & Company (NYSE: WFC) today announced plans to reach out to all home lending customers who paid fees for mortgage rate lock extensions requested from Sept. 16, 2013, through Feb. 28, 2017, and to refund customers who believe they shouldn’t have paid those fees. The company previously disclosed that it was reviewing past policies and procedures regarding the circumstances in which mortgage rate lock extension fees were assessed to customers, and Wells Fargo CEO Tim Sloan mentioned the refund plans during an appearance Tuesday, Oct. 3, before the U.S. Senate Committee on Banking, Housing and Urban Affairs.

In making today’s announcement, Sloan said, “We want to serve our customers as they would expect to be served, and are initiating these refunds as part of our ongoing efforts to rebuild trust.”

The plan to issue refunds follows an internal review that determined a rate lock extension policy implemented in September 2013 was, at times, not consistently applied, resulting in some borrowers being charged fees in cases where the company was primarily responsible for the delays that made the extensions necessary. Effective March 1, 2017, Wells Fargo changed how the company manages the mortgage rate lock extension process to ensure more consistency by establishing a centralized review team that reviews all rate lock extension requests for consistent application of policy.

The company anticipates that the first customer communications and refunds will go out in the final quarter of this year. A total of approximately $98 million in rate lock extension fees were assessed to about 110,000 borrowers during the period in question, although the company believes a substantial number of those fees were appropriately charged under its policy. The amount ultimately refunded likely will be lower, as not all of the fees assessed were actually paid and some fees already have been refunded.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,500 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 271,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.


© Business Wire 2017
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WELLS FARGO
08/16WELLS FARGO : Income Opportunities Fund Adopts Managed Distribution Plan
BU
08/15WELLS FARGO : Closed-End Funds Declare Monthly and Quarterly Distributions
BU
08/15WELLS FARGO : Micah Dortch Appointed Special Receiver in Federal Lawsuit Against..
PR
08/13WELLS FARGO & COMPANY/MN : Financial Statements and Exhibits (form 8-K)
AQ
08/13WELLS FARGO : Joins Origis Energy USA to Expand Clean Energy Supply for Florida
BU
08/09WELLS FARGO : Ex-dividend day for
FA
08/08WELLS FARGO & COMPANY/MN : Financial Statements and Exhibits (form 8-K)
AQ
08/08WELLS FARGO : Colorado’s Economic Growth Outpaces Nation
PU
08/08WELLS FARGO : Sempra Renewables Boost Clean Energy in Northern California
BU
08/07WELLS FARGO : Chicago, Cook County Homeownership to Get Boost with $8 Million Ne..
BU
More news
News from SeekingAlpha
08/16Banks find marketing treasure in credit-card data 
08/15First Data and Wells Fargo extend joint venture through 2024 
08/15BANKS SAY THE PROPOSAL THAT'S SUPPOS : Wsj 
08/15Turkey Fires Back With Tariffs (Wall Street Breakfast Podcast) 
08/15WALL STREET BREAKFAST : Turkey Fires Back With Tariffs 
Financials ($)
Sales 2018 86 686 M
EBIT 2018 30 252 M
Net income 2018 20 759 M
Debt 2018 -
Yield 2018 2,83%
P/E ratio 2018 13,45
P/E ratio 2019 11,24
Capi. / Sales 2018 3,23x
Capi. / Sales 2019 3,18x
Capitalization 280 B
Chart WELLS FARGO
Duration : Period :
Wells Fargo Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends WELLS FARGO
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 31
Average target price 61,5 $
Spread / Average Target 6,0%
EPS Revisions
Managers
NameTitle
Timothy J. Sloan President, Chief Executive Officer & Director
Elizabeth A. Duke Independent Chairman
John R. Shrewsberry Chief Financial Officer & Senior Executive VP
Scott Dillon Chief Technology Officer
John Daniel Baker Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
WELLS FARGO-3.31%279 673
JP MORGAN CHASE & COMPANY7.32%385 325
BANK OF AMERICA2.85%307 538
INDUSTRIAL AND COMMERCIAL BANK OF CHINA-15.00%269 088
CHINA CONSTRUCTION BANK CORPORATION-14.06%236 339
BANK OF CHINA LTD-12.59%183 870