Wells Fargo recently revealed that they wrongly denied or failed to offer 625 homeowners mortgage loan modifications due to an error with their underwriting software. The company says that about 400 of those customers lost their homes to foreclosure.
The error affected homeowners who were in foreclosure between April 2010 and October 2015. Now, nearly three years after correcting it, the country's fourth-largest bank has disclosed the error.
“We’re very sorry that this error occurred and are providing remediation to the approximately 625 customers who may have been impacted,” a spokesperson for the company said in a statement.
Wells Fargo says that it has set aside $8 million for customers affected by the issue. That's just $12,800 for each customer affected. Pitiful.