DES MOINES - September 1, 2011
Wells Fargo & Co. (NYSE:WFC) reported today that as of July 31, 2011, the company had conducted 704,869 active trial or completed mortgage modifications in its servicing portfolio since January 2009. About 85 percent, or 599,465, of those modifications were done through the company’s own programs, while the remaining 105,404 modifications were through the federal government’s Home Affordable Modification Program (HAMP).
"Wells Fargo continues to work with borrowers on mortgage modifications and other options that can help them remain in their homes and avoid foreclosure when they encounter financial difficulties," said Michael DeVito, executive vice president, Wells Fargo Home Mortgage Default Servicing. "Our priority is to prevent as many foreclosures as possible by working with financially distressed customers – and we want them to know we are there to help them."
In addition, from January 2009 through July 2011, Wells Fargo has provided more than 4.4 million homeowners with new low-rate loans, either to purchase a home or refinance their existing mortgage. Home loans in the company’s mortgage servicing portfolio were approximately 93 percent current on their payments as of the second quarter of 2011.
The company also reported that fewer than 2 percent of the owner-occupied loans in its servicing portfolio have proceeded to a foreclosure sale over 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 275,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.