DES MOINES - November 3, 2011
Wells Fargo & Co. (NYSE:WFC) reported today that the company had in place 716,176 active trial or completed mortgage modifications started since January 2009 in its servicing portfolio as of Sept. 30, 2011. Of those modifications, about 85 percent, or 605,548, were done through the company’s own programs, and 110,628 were through the federal government’s Home Affordable Modification Program (HAMP).
More than 92 percent of Wells Fargo’s home loan customers remained current on their home payments as of the third quarter of 2011 and over the last 12 months fewer than 1.3 percent of the owner-occupied loans in the company’s servicing portfolio have actually proceeded to a foreclosure sale. From January 2009 through September 2011, the company has helped more than 4.7 million homeowners with new low-rate loans, either to purchase a home or refinance their existing mortgage.
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 more than 270,000 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.