CFPB Orders Wells Fargo to Pay $3.7 Billion

[nidena]

CFPB Orders Wells Fargo to Pay $3.7 Billion for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit Accounts

Holy cluster duck!!  They really screwed the pooch on that one.

[Deleted]

Dec 20, 2022 17:20:06 GMT -5 nidena said:

CFPB Orders Wells Fargo to Pay $3.7 Billion for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit Accounts

Holy cluster duck!!  They really screwed the pooch on that one.

It's been a long time coming but karma finally bit them

[Deleted]

You'd have thought they'd have learned their lesson after the scandal a few years ago in which they admitted to pressuring their employees to sign up customers for all kinds of products they hadn't requested (credit cards, savings accounts, lines of credit) to pad their results. The ones who didn't co-operate were fired.

My only experience with Wells Fargo was years ago when DH and I used them for a mortgage when we moved to KS. I was just delighted when FINALLY a bank didn't require an escrow account and allowed me to pay my own property taxes and insurance. I was even happier when interest rates decreased and they pro-actively sent me a no-cost re-finance offer. Totally painless process and it truly was no cost.

I guess that was a few CFOs ago.

[swamp]

Back when I was in private practice, I hated doing WF mortgages with the passion of a 1,000 burning suns. 

Some highlights of being a closing attorney for them:

Send a closing packet that requires a secure link/password to open them.  Fine, but it doesn't work.    When I finally get it to work, like the 5th try, my printer prints out 5 copies of the closing packet. 

Closing tentatively scheduled for 12/1.   Packet doesn't get to me until 12/3.   Obviously closing is delayed.   12/2 the closing department calls me to accuse me of not filing the deed, keeping the money, and sternly tell me that I did not follow their instructions so I will no longer be able to close WF mortgages for them ever again.   No amount of telling them that the closing was rescheduled can get it through their heads that I don't have a deed or money to do anything with.  Their computer says closing was 12/1 and gosh darn it, the computer must be right. 

Send wrong papers, different forms needed for New York. 

Closing packet is about 1.5" thick.  There are a millions of forms to be signed, way in excess of what is required.  

Those are just the highlights I remember.  I do remember how awful they were. 

WF can eat a bag of dicks. 

[Tiny]

I think the 3.7 billion is for past offenses. The article mentioned loans from 2015.  

I wonder if the WF settlement is too little too late - the people who lost their homes/vehicles are pretty much stuck with the fall out - not sure if money returned will be helpful.      


I've got a WF mortgage loan (from 2019). I don't have any actual complaints about the process. Their banking website leaves something to be desired... I had trouble setting up an auto pay of my WF mortgage from my WF checking account. It took me 4 months (4 payments) to get it working correctly.

I get monthly "shiny happy" junk mail communications via phone/emails/snail mail from WF more than I get from my other 2 mortgage lenders (chase and BoA).  Chase contacts me via snail mail every 3 months or so  with a "re fi your mortgage" mail.   BoA never contacts me - unless it's a Nasty Gram because they've messed up and want to blame/charge me.


overall I still hate Bank of America (clunky webpage, slow customer service, have to watch every transaction like a hawk because they will screw it up)  more than Wells Fargo.

[Deleted]

Dec 21, 2022 11:47:27 GMT -5 swamp said:

Back when I was in private practice, I hated doing WF mortgages with the passion of a 1,000 burning suns. 

<snip>

Closing packet is about 1.5" thick.  There are a millions of forms to be signed, way in excess of what is required.  

I once had to go to a local bank to get added to the account as Treasurer of a nonprofit.  Signed form after form after form and the officer kept whining that they had to do all of them because of regulations.

A couple of years later, added as Treasurer of another nonprofit, different organization, different bank, same state- about 1/5 of the paperwork.