Wells Fargo & Co. said it plans to refile paperwork in 55,000 foreclosure cases after it discovered flaws in foreclosure documents.
The San Francisco-based bank, which is also among the largest providers of residential mortgages in Minnesota, had previously stood by its foreclosure paperwork as other major mortgage lenders came under scrutiny.
Wells Fargo proceeded with foreclosures while rivals including Bank of America Corp. and JPMorgan Chase & Co. delayed theirs.
Wells said it had identified possible problems with a final step in its foreclosure process by bank employees and notaries on legal affidavits.
The bank will begin the filings in 23 states and hopes to complete them by mid-November.
“The issues the company has identified do not relate in any way to the quality of the customer and loan data.” Wells said in a statement. “Nor does the company believe that any of these instances led to foreclosures which should not have otherwise occurred