Wells Fargo & Co. (NYSE:WFC) reported today that between March 1, 2012 and Sept. 30, 2012 the company assisted more than 45,000 homeowners through expanded modifications, other customer relief options, and refinances under the National Mortgage Settlement. As a result, Wells Fargo has fulfilled an estimated 52 percent of its $4.3 billion national consumer relief and refinance commitment in the first seven months of implementation and remains on track to complete its entire commitment in the required time frames.
“Wells Fargo has made significant progress toward the fulfillment of its commitments under the National Mortgage Settlement while continuing to serve all of our customers who need assistance or are looking to refinance,” said Michael DeVito, executive vice president for Default Mortgage Servicing at Wells Fargo Home Mortgage. “Overall, we currently have more than 812,000 customers benefiting from modifications started since January 2009 and during that time also have completed more than 4.4 million refinances allowing borrowers to take advantage of lower interest rates.”
Details on the expanded modifications, other consumer relief options, refinances and national servicing standards under the settlement were included in the first scheduled report to the Office of Mortgage Settlement Oversight. The report to the monitor included national data, as well as a state-by-state breakdown of consumer relief and refinance activities.
The company also indicated that it implemented all of the servicing standards required under the settlement on schedule by Oct. 2, 2012, and was performing appropriately on the nine metrics included in the current report.
“Implementation of all of the national servicing standards is a significant step forward in our ongoing efforts to restore confidence in the mortgage servicing industry,” DeVito stated. “Thanks to exceptional work by more than 1,000 team members, we’ve embraced a new way of operating the business that improves our operational effectiveness, creates greater transparency and enhances our risk management.”