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Wells Fargo Reports Nearly 700,000 Loan Mods Completed in Two Year Span

Aug 09, 2011

Wells Fargo has reported that, as of June 30, 2011, 696,085 active trial or completed loan modifications were in place, since 2009, on loans in its servicing portfolio. A total of 591,941, or 85 percent, of the loans were modified through the company’s own programs, with the remaining 104,864 loans being modified through the federal government’s Home Affordable Modification Program (HAMP). "Wells Fargo is committed to working with borrowers to help identify all available options that may help borrowers retain their home or avoid foreclosure," said Michael DeVito, with Wells Fargo Home Mortgage Default Servicing. "To support that commitment, we are in the process of expanding the one-on-one customer contact model we initiated with loan modifications in June 2010 so that borrowers will move through all phases of loss mitigation with one dedicated home preservation specialist." Approximately 93 percent of Wells Fargo’s home loan customers remained current on their home payments as of the second quarter of 2011 and over the last 12 months fewer than two percent of the owner-occupied loans in the company’s servicing portfolio have actually proceeded to a foreclosure sale. From January 2009 through June 2011, the company has helped more than 4.3 million homeowners with new low-rate loans, either to purchase a home or refinance their existing mortgage. In addition, compared to 2010, Wells Fargo has doubled the number of Home Preservation Workshops it hosts in cities challenged with foreclosures. To date, the company has hosted 35 such events offering more than 23,000 borrowers the opportunity to speak confidentially, face-to-face with a home specialist about their financial challenges. Between 100 and 200 Wells Fargo home retention team members—including bilingual specialists—are on hand at the workshops, to work one-on-one with customers. Where possible, borrowers may be able to receive a decision on a workout, loan modification, or other options, on site or shortly following the workshop. Options include Wells Fargo’s own loan modification program and the federal government’s HAMP, as well as short sales or deeds in lieu of foreclosure.
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