Wells Fargo & Co. (NYSE:WFC) reported today that as of Dec. 31, 2011 the company had 728,024 active trial or completed mortgage modifications started since January 2009. Approximately 84 percent of those, or 614,117 modifications, were done through the company’s own programs and 113,907 were done through the federal government’s Home Affordable Modification Program (HAMP).
Wells Fargo is able to provide an option that prevents foreclosure for approximately three out of every four of its customers who fall more than 60 days behind in their mortgage payments and elect to work with the company. The company’s lending practices, combined with its foreclosure prevention efforts, have resulted in more than 92 percent of its home loan customers remaining current on their mortgage payments as of the fourth quarter of 2011. In addition, fewer than 2 percent of the loans on owner-occupied properties in its mortgage servicing portfolio have resulted in a foreclosure sale over the past 12 months. The company also is active in helping its customers take advantage of the current low interest rate environment. From January 2009 through December 2011, Wells Fargo helped more than 5.2 million homeowners secure new low-rate loans for home purchases or to refinance existing mortgages.
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.
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