DES MOINES, Iowa - August 20, 2010
Wells Fargo & Co. (NYSE:WFC) said today from January 2009 through July 31, 2010 the company had a total of 520,399 active trial and completed modifications. Of that total, 87 percent were completed through its own programs.
“This trend reflects our continued progress in working with customers on home payment relief, including those customers who ultimately will not qualify for a Home Affordable Modification,” said Mike Heid, co-president of Wells Fargo Home Mortgage. “About 58 percent of our customers not eligible for HAMP have been redirected into alternate modifications. That’s one of the highest conversion rates among the eight servicers for whom that HAMP data is reported, and well above the 45 percent average.”
Wells Fargo continues to use a combination of rate reductions, term extensions and principal adjustments to address the unique financial needs of each of its customers. Beginning in January 2009—several months before the creation of HAMP—Wells Fargo became one of the first servicers to use principal forgiveness as an element of its loan modification program for certain portfolio assets. Through June 30, 2010, the company has completed nearly 60,000 such modifications with a total reduction in principal of more than $3.1 billion.
According to data released in the federal government’s Making Home Affordable Program report, Wells Fargo also is one of the strongest performers in customer service among large HAMP servicers. The company had the lowest incidence of customer complaints to the Homeowners HOPE hotline.
“We know we must continue to make improvements so that our home preservation service is what we expect and want it to be,” said Heid. “The industry statistics are validation that we definitely are on the right track.”
About Wells Fargo
Wells Fargo Home Mortgage is the nation’s leading mortgage lender and services one of every six mortgage loans in the nation. A division of Wells Fargo Bank, N.A., it has a national presence in mortgage stores and banking stores, and also serves the home financing needs of customers nationwide through its call centers, Internet presence and third-party production channels.
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 banking stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.