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Wells Fargo Settles Veterans Housing Fees Lawsuit
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Wells Fargo Settles Veterans Housing Fees Lawsuit
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Wells Fargo Settles Veterans Housing Fees Lawsuit
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February 23, 2011 (Jeff Alan)
mortgage-veterans-image
Wells Fargo & Co. has agreed to settle a lawsuit that alleges the bank harmed veterans by charging improperly high fees on mortgages. Wells Fargo has agreed to refund up to $10 million in fees to eligible military veterans who refinanced their mortgage with the bank. Wells Fargo has now joined JP Morgan Chase, who recently apologized for their misconduct, in settling lawsuits brought on by veterans who were allegedly charged excess fees or whose homes were foreclosed on.

The lawsuit filed in the State Court of Troup County, Georgia claimed the bank failed to use “reasonable care” in assessing attorney fees when complying with the Veterans Administration’s Interest Rate Reduction Refinancing Loan rules.

Veterans who refinanced with Wells Fargo between Jan. 20, 2004, and Oct. 7, 2010, are eligible for the refunds from the settlement.

“Since the lawsuit allegation was raised, we have diligently worked with our veteran customers who inquired about their fees and we refunded them if there was an error in the third-party charges that were assessed,” says Cara Heiden, co-president of Wells Fargo Home Mortgage. “We hope that by settling this matter, we can demonstrate to veterans our steadfast commitment to doing right by them.”

Wells Fargo is the second major bank after Chase to settle a lawsuit in which allegations of mishandling mortgages for military families and veterans in violation of laws that are in place to limit interest rates and fees and to protect them from foreclosure.

As we previously reported here, J.P. Morgan Chase has recently apologized for overcharging at least 4,500 active service members and wrongly foreclosing on 18 military families.

Tags: Wells Fargo, JP Morgan Chase, lawsuit, veterans, refinanced mortgage, Veterans Administration, mishandling mortgages, interest rates, fees, wrongly foreclosing

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February 23, 2011 (Jeff Alan)
mortgage-veterans-image
Wells Fargo & Co. has agreed to settle a lawsuit that alleges the bank harmed veterans by charging improperly high fees on mortgages. Wells Fargo has agreed to refund up to $10 million in fees to eligible military veterans who refinanced their mortgage with the bank. Wells Fargo has now joined JP Morgan Chase, who recently apologized for their misconduct, in settling lawsuits brought on by veterans who were allegedly charged excess fees or whose homes were foreclosed on.

The lawsuit filed in the State Court of Troup County, Georgia claimed the bank failed to use “reasonable care” in assessing attorney fees when complying with the Veterans Administration’s Interest Rate Reduction Refinancing Loan rules.

Veterans who refinanced with Wells Fargo between Jan. 20, 2004, and Oct. 7, 2010, are eligible for the refunds from the settlement.

“Since the lawsuit allegation was raised, we have diligently worked with our veteran customers who inquired about their fees and we refunded them if there was an error in the third-party charges that were assessed,” says Cara Heiden, co-president of Wells Fargo Home Mortgage. “We hope that by settling this matter, we can demonstrate to veterans our steadfast commitment to doing right by them.”

Wells Fargo is the second major bank after Chase to settle a lawsuit in which allegations of mishandling mortgages for military families and veterans in violation of laws that are in place to limit interest rates and fees and to protect them from foreclosure.

As we previously reported here, J.P. Morgan Chase has recently apologized for overcharging at least 4,500 active service members and wrongly foreclosing on 18 military families.

Tags: Wells Fargo, JP Morgan Chase, lawsuit, veterans, refinanced mortgage, Veterans Administration, mishandling mortgages, interest rates, fees, wrongly foreclosing

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

February 23, 2011 (Jeff Alan)
mortgage-veterans-image
Wells Fargo & Co. has agreed to settle a lawsuit that alleges the bank harmed veterans by charging improperly high fees on mortgages. Wells Fargo has agreed to refund up to $10 million in fees to eligible military veterans who refinanced their mortgage with the bank. Wells Fargo has now joined JP Morgan Chase, who recently apologized for their misconduct, in settling lawsuits brought on by veterans who were allegedly charged excess fees or whose homes were foreclosed on.

The lawsuit filed in the State Court of Troup County, Georgia claimed the bank failed to use “reasonable care” in assessing attorney fees when complying with the Veterans Administration’s Interest Rate Reduction Refinancing Loan rules.

Veterans who refinanced with Wells Fargo between Jan. 20, 2004, and Oct. 7, 2010, are eligible for the refunds from the settlement.

“Since the lawsuit allegation was raised, we have diligently worked with our veteran customers who inquired about their fees and we refunded them if there was an error in the third-party charges that were assessed,” says Cara Heiden, co-president of Wells Fargo Home Mortgage. “We hope that by settling this matter, we can demonstrate to veterans our steadfast commitment to doing right by them.”

Wells Fargo is the second major bank after Chase to settle a lawsuit in which allegations of mishandling mortgages for military families and veterans in violation of laws that are in place to limit interest rates and fees and to protect them from foreclosure.

As we previously reported here, J.P. Morgan Chase has recently apologized for overcharging at least 4,500 active service members and wrongly foreclosing on 18 military families.

Tags: Wells Fargo, JP Morgan Chase, lawsuit, veterans, refinanced mortgage, Veterans Administration, mishandling mortgages, interest rates, fees, wrongly foreclosing

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.