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A "calculation error" in Wells Fargo's underwriting tool to 545 mistaken home foreclosures over the past eight years, the bank announced Tuesday. The latest government filing adds well over 100 homes to a previous report on the apparent computer glitch, which estimated 400 unnecessary foreclosures.
According to the filing, the error overestimated the attorney 's fees for homeowners in the foreclosure process between March 15, 2010, and April 30, 2018, when new controls were implemented. 870 cases where the homeowner should have been qualified. Of the 870, approximately 545 were eventually foreclosed upon.
"We're very sorry that we've had a problem," said Tom Goyda, spokesperson for the company, told Reuters.
Wells Fargo said it has already contacted the majority of the supply side of the market. The bank set aside $ 8 million to compensate customers when the error was originally discovered in August.
While the review of its mortgage loan is ongoing, Wells Fargo continues to handle the PR aftermath of previous mistakes. Over the past two years, the bank has been exposed to a number of unauthorized credit cards and accounts, customers of the world, charging customers for insurance, and overcharging customers to inflate bonuses.
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