DES MOINES - July 6, 2012
Wells Fargo & Co. (NYSE:WFC) reported today that as of May 31, 2012 the company had in place 771,757 active trial or completed mortgage modifications. Of those, 648,709 modifications— or approximately 84 percent—have been done through the company’s own programs and 123,048 were through the federal government’s Home Affordable Modification Program (HAMP).
More than 93 percent of Wells Fargo’s home loan customers remained current on their mortgage payments as of the first quarter of 2012 and fewer than 2 percent of the loans on owner-occupied properties in Wells Fargo’s mortgage servicing portfolio have resulted in a foreclosure sale over the past 12 months. In addition, Wells Fargo has provided customers nearly 6.2 million new low-rate loans to purchase homes or to refinance existing mortgages between January 2009 and May 2012.
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 Bank, N.A. is an equal housing lender.
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 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. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.