DES MOINES, Iowa - March 2, 2011
Wells Fargo & Co. (NYSE:WFC) reported today that as of Jan. 31, 2011 the company had 635,260 loans in active trial or completed mortgage loan modifications started since the beginning of 2009. Wells Fargo’s own modification programs accounted for 545,151 of those modifications, or 86 percent, and modifications done through the federal government’s Home Affordable Modification Program (HAMP) totaled 90,109. For customers struggling with their home payments, we have avoided foreclosure for about three-quarters of those 60 days or more past due who chose to work with us.
In the fourth quarter of 2010, Wells Fargo’s total past-due mortgage and home equity loans were 8.02 percent of all loans serviced, down from a peak of 8.96 percent in the fourth quarter of 2009. Those include loans originated by Wells Fargo and those originated by other lenders. According to data published in the Feb. 25 edition of Inside Mortgage Finance, the company’s delinquency and foreclosure rates on its entire servicing portfolio were less than three-fourths that of the industry in 4Q10. Less than 2 percent of the loans secured by owner-occupied homes and serviced by Wells Fargo proceeded 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.