Lawsuit Investigation into Wells Fargo’s Interest Rate Buydown Offering

February 19, 2018

Important Information

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At A Glance

This Alert Affects:
Anyone who took out a mortgage loan from Wells Fargo and opted for the bank’s “temporary payment reduction” or “rate buydown” feature.
What’s Going On?
Attorneys have reason to believe the bank is promising borrowers a lower interest rate in exchange for money up front – but isn’t holding up its end of the bargain. As a result, it’s believed that borrowers are paying more upfront and over the course of their loan than they would have had they stuck with the original rate.