DES MOINES - October 5, 2011
Wells Fargo & Co. (NYSE:WFC) reported today that as of Aug. 31, 2011, the company had conducted 716,945 active trial or completed mortgage modifications in its servicing portfolio since January 2009. About 85 percent, or 608,325, of those modifications were done through the company’s own programs, while the remaining 108,620 modifications were through the federal government’s Home Affordable Modification Program(HAMP).
“When customers 60 days past due on their loans engage with us, we help 7 of every 10 to avoid foreclosure,” said Michael DeVito, executive vice president, Wells Fargo Home Mortgage Default Servicing. “As a result, we do more than 2 modifications for every 1 foreclosure sale. This is largely due to the significant number of attempts we make to offer assistance through telephone calls, written correspondence and other outreach strategies.”
According to DeVito, of those customers who received a modification, 72 percent got them before being referred to the foreclosure process. “We are committed to making foreclosure a last resort. The fact that we provide assistance to the majority of our at-risk customers before they enter the foreclosure process reflects that commitment,” he added.
Recognizing the challenges many Americans currently face with unemployment and under-employment, Wells Fargo has consistently worked to assist these borrowers through modifications and other available options. From January 2009 through August 2011, the company had helped 196,000 unemployed customers with home retention, including 2,900 plans through the federal government’s Home Affordable Unemployment Program.
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.