Des Moines - January 9, 2012
Wells Fargo & Co. (NYSE:WFC) reported today that it had in place 724,710 active trial or completed mortgage modifications started since January 2009 as of Nov. 30, 2011. Of that total, 612,061, or about 84 percent, were done through the company’s own programs and the balance of 112,649 was done 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 the percent of the company’s serviced loans that were past due and in foreclosure was less than three-fourths the industry average. For approximately three out of every four Wells Fargo customers who fall more than 60 days behind in their mortgage payments, the company is able to provide an option that prevents foreclosure. As a result, fewer than 2 percent of the loans on owner-occupied properties in Wells Fargo’s mortgage servicing portfolio have resulted in foreclosure sale over the past 12 months. In addition, from January 2009 through November 2011, the company also has helped more than 5.0 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.