In its SEC filing last month, Wells Fargo cited that a calculation error occurred when the bank implemented new controls that led it to overestimate the attorney’s fees for homeowners in the foreclosure process. This accounting error caused the bank to reject loan modification requests.
“We’re very sorry that the errors occurred and have assigned a single, dedicated point of contact to ensure that each customer is engaged with and assisted individually,” a Wells Fargo spokesperson told Reuters at the time.
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