DES MOINES, Iowa - June 9, 2011
Wells Fargo & Co. (NYSE:WFC) reported today that as of April 30, 2011, in its servicing portfolio 673,179 loans were active trial or completed mortgage modifications initiated since the beginning of 2009. Of those modifications, 574,128, or 85 percent, were done through Wells Fargo’s own modification programs and 99,051 have been done through the federal government’s Home Affordable Modification Program (HAMP).
“Our aggressive modification and customer assistance efforts, stabilizing economic conditions and our long-standing responsible lending and servicing practices mean that Wells Fargo’s delinquency and foreclosure levels continue to decline and remain well below industry averages,” said Teri Schrettenbrunner, senior vice president of Wells Fargo Home Mortgage communications. “Just 7.22 percent of first mortgage and home equity loans we service were past due or in foreclosure in the first quarter of 2011 compared to an industry average of 10.27 percent, according to the May 27 issue of Inside Mortgage Finance, and Wells Fargo’s totals are down from a peak of 8.96 percent in the fourth quarter of 2009.”
In addition to helping customers via phone, the company’s home preservation specialists have met face-to-face with 57,000 customers in areas deeply affected by foreclosure. Wells Fargo has hosted 29 Home Preservation Workshops and has 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.