What the Wells Fargo scandal means for mortgage borrowers

  • The scandal: Wells Fargo employees allegedly enrolled existing bank customers in other deposit and credit card accounts without their knowledge or consent to meet sales targets.
  • Wells Fargo customers should pull their own credit reports well before applying for a mortgage loan or shopping for a home to identify potential items to dispute.

When a buyer client sees a news story about something that could affect the home loan, chances are high that real estate agents will be getting some borderline panicked questions in the near future. Fallout from Wells Fargo’s employee cross-selling scandal continues to raise questions about how the bank’s customers were harmed by the illegal scheme — including their ability to access financial products and services like mortgage loans.