DES MOINES, Iowa - September 22, 2010
Wells Fargo & Co. (NYSE:WFC) said today that from January 2009 through Aug. 31, 2010, the company has done a total of 532,600 modifications and 1.8 million refinances to help customers with their home payments. The company first determines modification eligibility through the federal government Home Affordable Modification Program, and then assists customers ineligible for the federal program who can afford reduced payments through non-HAMP alternatives. Modifications done through its own programs accounted for 88 percent of the total.
“Through federal government programs and our own efforts, Wells Fargo remains focused on preventing as many home foreclosures as possible,” said Mike Heid, co-president of Wells Fargo Home Mortgage. “We’re also committed to serving the 92 percent of Wells Fargo’s customers who were current on their home loans in the second quarter of this year – including many who have taken advantage of historically low-rate refinances to reduce their home payments or attractive home prices to achieve homeownership for the first time.”
For customers experiencing mortgage payment challenges, Wells Fargo also has made progress on several customer service and outreach initiatives.
- This summer, the company implemented a change in its process and now assigns one person to work with an individual customer on their loan modification from beginning to end. This allows customers to know exactly who they are working with from start to finish.
- Since 2009, Wells Fargo has hosted 13 large-scale Homeownership Preservation Workshops for customers in markets hit hard by foreclosures: Atlanta, Baltimore, Chicago, Cleveland, Las Vegas, Los Angeles, Oakland, Memphis, Miami, Minneapolis, Philadelphia, Phoenix, and St. Paul. Additional events are scheduled in Tampa, Fla. and Ontario, Calif. later this year. Customers are asked to register via a Web site that provides all logistical information and what they will need to bring. Generally speaking, about half of the nearly 14,000 customers that have attended a Wells Fargo-hosted event have received a decision on the spot or shortly thereafter.
- At 27 Wells Fargo Home Preservation Centers located in six states with concentrations of customers at risk, the company has helped more than 24,000 people to date. Customers facing imminent hardships are invited through letters and phone calls to make an appointment to meet face-to-face with a home preservation specialist.
Wells Fargo had the lowest Homeowners HOPE Hotline complaint rate, according to data released by the federal government, with fewer than 4 percent of calls to the hotline from Wells Fargo customers from the start of the program through August being made to register complaints. In the second quarter of 2010 – the time period for the most recently published industry data in the Sept. 10 issue of Inside Mortgage Finance – the company’s delinquency and foreclosure rates were less than three-fourths that of the industry. Fewer than 2 percent of the loans secured by owner-occupied homes and serviced by Wells Fargo have proceeded to a foreclosure sale over the past 12 months.
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.