May 16, 2018 / 12:12 AM / 5 months ago

Wells Fargo dodges truth-in-lending claims in rate lock-in lawsuit

Wells Fargo did not violate the federal Truth in Lending Act (TILA) by charging customers to lock in interest rates when their mortgage applications were delayed, a judge in San Francisco ruled on Monday.

U.S. District Judge Maxine Chesney dismissed the TILA claims with prejudice from a proposed class action filed in August by Victor Muniz, who accused the bank of blaming “faultless” homeowners for its own delays so it could charge them extra money to extend their interest-rate locks.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2wLavRl

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