Wells Fargo – Violated Payment Change Notice Rules

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If you filed bankruptcy during the past 5 years and have a mortgage with Wells Fargo, you will be getting a check in the mail.  In
December 2011 an bankruptcy rule went into effect that required mortgage lenders to provide 21 days notice of any change to a mortgage payment.  The purpose of this rule was to aid in the accounting of consumer’s costs in bankruptcy.  After an investigation by the Department of Justice, Wells Fargo acknowledged that it had failed to file the required notice more than 100,000 times and  from December 1 2011 to March 31, 2016.  As a result of these violations, Wells Fargo has agreed to settle this matter by paying $81.6 million, much of which will be divided among 42,000 homeowners who were impacted by the violations.  The company has also agreed to improve its computer systems to avoid future violations.
By Addam Fara, W M Law Attorney

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