Borrowers sue Wells Fargo over paid-off mortgage interest

Wells Fargo Bank has been hit with a proposed class action accusing it of collecting tens of millions of dollars from Texas borrowers who paid off their mortgages early without providing required disclosures about how to avoid the charges.

Filed on Tuesday in Oakland, California federal court, the lawsuit said Wells Fargo collected interest for the full month that a mortgage was prepaid and did not clearly explain beforehand that the interest could be avoided if borrowers had paid on the first day of the month.

http://www.reuters.com/article/wells-fargo-mortgages-idUSL1N1KO207

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