If you choose a longer rate lock period option, you will receive a separate disclosure with detailed information.If there are no changes to your loan application and your loan closes on or before the rate lock expiration date, we will close your loan at the locked interest rate.However, your interest rate may change from the time of your initial rate lock if there are changes to the factors used to determine your interest rate. (See Here are some examples of changes that may raise or lower your interest rate:If your interest rate or costs associated with the interest rate change, we will send you an updated Interest Rate Lock Agreement.If your loan is an adjustable-rate mortgage (ARM), the interest rate disclosed on the Interest Rate Lock Agreement will be the initial interest rate effective until the first change date of your loan. We will refund the rate lock fee if your application is denied. Seleccione el enlace si desea ver otro contenido en español.Selecione Cancele para permanecer en esta página o Continúe para ver nuestra página principal en español.Mortgage interest rates may change many times every day. Because it was within 14 days of processing the cancellation/withdrawal request, we reactivated his previous loan application.

"Some other things that may affect your interest rateYou may be able to lower your interest rate by making changes that lower your risk factors described above.

The plaintiff, first-time home buyer Victor Muniz, alleges he was charged $287.50 to extend his expired rate lock, despite being told by a Wells Fargo employee he would not have to pay the fee.

Wells Fargo says it now has a centralized team that reviews all rate lock extension requests to make sure the fees are being applied consistently.

Contact your home mortgage consultant for additional details. The lawsuit relies heavily on news accounts and complaints to banking regulators to substantiate its claims. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Thousands of customers were charged fees for accounts they didn't open.
Then, borrowers are charged what’s called a rate-lock extension fee. You'll find additional information about ARMs in the Consumer Handbook on Adjustable-Rate Mortgages (CHARM) that you'll receive when you apply.If your rate lock will expire before your loan closing date, you have three choices:If your rate lock will expire before your loan closing date, you can extend your rate lock for a fee. NMLSR ID 399801 In the above example, the buyer is paying $875.89 for the rate lock extension (shown in the Debit column).

If the lender is at fault for taking a longer period than promised, the lender pays the rate lock extension fee. If we are primarily responsible for the closing delay, you will not be charged a fee.Some common reasons you may need to pay the extension fee include:If your rate lock will expire before your loan closing date, you may have the option to return to float by unlocking your rate.If you cancel/withdraw your loan application and then decide you want to move forward:— On June 1, Emil completed an application for a refinance loan and locked his interest rate. Wells Fargo & Co. said Wednesday that it will refund a swath of mortgage rate lock extension fees assessed during a time when the bank charged … Know that lenders’ fees can vary The company previously disclosed that it was reviewing past policies and procedures regarding the circumstances in which mortgage rate lock extension fees were assessed to customers, and Wells Fargo CEO Tim Sloan mentioned the refund plans during an appearance Tuesday, Oct. 3, before the U.S. Senate Committee on Banking, Housing and Urban Affairs. The fee amount is a percentage of your final loan amount.If you obtain a rate lock extension, any fees will be due at your loan closing. Here are some of the things you may want to consider:You also may be able to lower your rate by paying discount points.

CEO Tim Sloan said in a statement that the bank is paying the refunds "as part of our ongoing efforts to rebuild trust" with customers. This is called "repricing" your loan.If you’re using a Bond program and your loan will not close by the rate lock expiration date, contact your home mortgage consultant to see if the bond program you’ve chosen allows your rate to be extended, or you may cancel/withdraw your loan.If your rate lock period expires on a Sunday or legal holiday, we will automatically extend the rate lock until the close of business on the next business day.If you no longer want to pursue a loan with us, you may cancel/withdraw your loan application at any time. All rights reserved. The bank said it plans to reach out to all of those customers later this year. All rights reserved. You'll want to make sure your rate lock period is long enough to take you to closing.


"It's not going to be a complicated process," a Wells Fargo spokesman said.

If it's the borrower's fault, customers can pay a fee to extend the rate.

This is what is meant by a rate lock extension. According to the allegations in the lawsuit, Victor Muniz, a Las Vegas security guard, was charged a rate lock extension fee by Wells Fargo of $287.50, despite the delays in his mortgage approval being caused by the bank and despite Muniz being told by a Wells Fargo banker that he would not have to pay the fee.