Wells Fargo & Co. (NYSE:WFC) reported today that, as of Jan. 31, 2012, the company had 733,180 active trial or completed mortgage modifications since January 2009. Of those, 617,876 modifications, or approximately 84 percent, were done through the company’s own programs and 115,304 were 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 mortgage payments as of the fourth quarter of 2011 and 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. When customers fall more than 60 days behind on their payments and choose to work with the company, approximately three out of every four are able to find an option that allows them to avoid foreclosure. The company also is active in helping its customers take advantage of the current low interest rate environment. From January 2009 through January 2012, Wells Fargo helped nearly 5.4 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 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 272,000 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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