DES MOINES, Iowa — Aug. 26, 2014
In conjunction with President Barack Obama’s administration, Wells Fargo & Company (NYSE: WFC) today announced it will join with other mortgage servicers in an initiative to help active-duty military mortgage customers understand and take advantage of the financial benefits available to them under the Servicemembers Civil Relief Act (SCRA).
“We are honored to serve the financial needs of military members, and we are committed to making all of our active-duty servicemember customers aware of the residential real estate mortgage protections available to them,” said Michael DeVito, head of servicing for Wells Fargo Home Mortgage. “These initiatives enhance our ability to inform active-duty servicemembers about SCRA and provide them the benefits they deserve.”
Under SCRA, active-duty servicemembers are eligible for financial benefits and foreclosure protections on loans taken out prior to active duty military service. According to a January 2014 report from the U.S. Government Accountability Office (GAO), however, many eligible servicemembers are not requesting the financial benefits available to them for residential real estate loans. The GAO report recommended that additional efforts be made to educate servicemembers and to encourage them to take advantage of their SCRA benefits.
As part of its commitment to helping servicemember mortgage customers, Wells Fargo has implemented additional processes and procedures for military customers, including:
- Comparing all residential real estate loans it services to the Defense Manpower Data Center (DMDC) database on a quarterly basis to proactively identify active-duty servicemembers who may be eligible for benefits and protections under SCRA;
- Proactively reaching out to potentially eligible active-duty servicemembers identified through the DMDC database through a variety of methods to inform them of the benefits available under SCRA and how to apply for them;and
- Working across the industry with other servicers to develop simplified processes and procedures that make it easier for active-duty servicemembers to request the real estate loan protections under SCRA.
- Wells Fargo also provides mortgage benefits and protections for servicemembers over and above what the law requires, including reducing their interest rates to 4 percent per year on first lien consumer real estate loans that the company owns and that otherwise qualify for benefits under SCRA, mortgage assistance if needed, and foreclosure protection not covered by SCRA.
For more information on Wells Fargo’s banking and financial services for military members, visit https://www.wellsfargo.com/military/.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.6 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 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives and stories are also available at wellsfargo.com/stories.