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Good morning!! I received a refund check in the mail for "Rate Lock Extension Fees". The explanation is as follows: "We're reaching out because you may have paid one or more rate lock extension fees with respect to the above mortgage account. You may have paid that fee(s) if your loan closing did not take place within your original rate lock period, and the rate lock extension made sure your interest rate stayed locked in through the closing and funding of your loan. We have made the decision to refund the rate lock extension fee(s). Enclosed is a check..." Kind of a nice windfall right before Christmas, but I'm just curious... 1) Is this a normal practice 2) Is it legit 3) Are there any "gotchas" if I cash this check Thanks for any guidance!!! Happy Weekend!!!  "If you’re a leader, you lead the way. Not just on the easy ones; you take the tough ones too…” – MAJ Richard D. Winters (1918-2011), E Company, 2nd Battalion, 506th Parachute Infantry Regiment, 101st Airborne "Woe to those who call evil good, and good evil... Therefore, as tongues of fire lick up straw and as dry grass sinks down in the flames, so their roots will decay and their flowers blow away like dust; for they have rejected the law of the Lord Almighty and spurned the word of the Holy One of Israel." - Isaiah 5:20,24 | ||
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| Member |
Got the same from Wells Fargo. Was on a loan from 12 or so years ago. Think it's legit from what I can tell. Was yours WF and similar? Our check was about $150 | |||
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| Member |
Yes. Wells Fargo and it would appear to be from my initial mortgage with them over 13 years ago (May 2008) before they sold it off to someone else...I think Fannie Mae. My check is a bit more... "If you’re a leader, you lead the way. Not just on the easy ones; you take the tough ones too…” – MAJ Richard D. Winters (1918-2011), E Company, 2nd Battalion, 506th Parachute Infantry Regiment, 101st Airborne "Woe to those who call evil good, and good evil... Therefore, as tongues of fire lick up straw and as dry grass sinks down in the flames, so their roots will decay and their flowers blow away like dust; for they have rejected the law of the Lord Almighty and spurned the word of the Holy One of Israel." - Isaiah 5:20,24 | |||
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| Smarter than the average bear |
It seems they got caught charging improper fees and reached a settlement in 2018 to repay them. Apparently they got caught recently not having repaid them all. https://www.reuters.com/lifest...tcomings-2021-09-09/ | |||
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| Member |
I’m in the mortgage biz and you can only imagine how heavily regulated we are. We occasionally have audits of loans that closed months or years ago based on obscure things the like the property sits in a low/moderate income tract. Has nothing to do with your face or income. And our compliance dept has decided to go back and we will refund fees. Probably no malfeasance on the part of the people doing your loan just ignorance of obscure regulations that somebody years down the road is reviewing and they decide to preemptively refund you before you join a class action suit. Just cash the check and take the wife to dinner. | |||
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