DES MOINES, Iowa - May 6, 2011
Wells Fargo & Co. (NYSE:WFC) reported today that it had 664,195 loans in active trial or completed mortgage modifications as of March 31, 2011. Eighty-six percent, or 568,548, were through Wells Fargo’s own modification programs. Modifications done through the federal government’s Home Affordable Modification Program (HAMP) totaled 95,647.
“We continue to see declines in the number of our customers who are defaulting on their home loans,” said Teri Schrettenbrunner, senior vice president of Wells Fargo Home Mortgage communications. “Only 7.22 percent of all first mortgage and home equity loans serviced by the company— including loans originated by Wells Fargo and those originated by other lenders—were past due or in foreclosure in the first quarter of 2011. That is down from a peak of 8.96 percent in the fourth quarter of 2009 and from 8.02 percent in the fourth quarter of 2010.”
For customers who are 60 days or more past due who choose to work with the company, Wells Fargo has been able to help seven of every 10 to avoid foreclosure. Fewer 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.
In addition to helping customers via phone, the company’s home preservation specialists have met face-to-face with 55,000 customers in areas deeply affected by foreclosure. Wells Fargo has hosted 24 Home Preservation Workshops and offers 27 Home Preservation Centers across the country.
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 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 2010 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.