Wells Fargo erroneously foreclosed on 545 borrowers, quarterly filings reveal

Tucked away in Wells Fargo’s third quarter filings with the Securities and Exchange Commision was news that the bank incorrectly denied 870 loan modifications and wrongly foreclosed on 545 agency borrowers between 2010 and 2015. The news is yet another blemish on Wells Fargo's customer service record.

  • By Alexander Saeedy
  • 06 Nov 2018

Wells had first communicated this summer that a failure in one of its underwriting tools had led to around 400 unnecessary foreclosures even when a loan modification was possible. However, the bank said on Tuesday that it had underestimated the full scope of its errors.

“Today, we disclosed ...

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