DES MOINES, Iowa - January 31, 2011
Wells Fargo & Co. (NYSE:WFC) said today that as of Dec. 31, 2010 the company had in place 621,621 active trial and completed mortgage loan modifications that were started since the beginning of 2009. Of that total, 532,960 modifications have been done through Wells Fargo’s own programs and 88,661 under the federal government’s Home Affordable Modification Program (HAMP).
According to data published in the Nov. 26 edition of Inside Mortgage Finance, approximately 92 percent of Wells Fargo’s mortgage and home equity customers remained current on their loan payments in the third quarter of 2010 and the company’s delinquency and foreclosure rates were less than three-fourths that of the industry. Those lower-than-average delinquency and foreclosure rates in combination with the company’s home preservation efforts resulted in less than 2 percent of the loans secured by owner-occupied homes and serviced by Wells Fargo proceeding to a foreclosure sale in the last 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 $1.3 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 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 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.