This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wells Fargo Fulfills Consumer Relief And Refinance Commitment According To National Mortgage Settlement Monitor

Wells Fargo & Co. (NYSE:WFC) announced today that the Office of Mortgage Settlement Oversight has confirmed the company fulfilled its consumer relief and refinance commitment under the terms of the National Mortgage Settlement. In total, Wells Fargo received $4.6 billion in credits for activity conducted between March 2012 and June 2013 toward a commitment of $4.3 billion.

“We are pleased that the Monitor has concluded that we fulfilled our consumer relief and refinance commitment,” said Michael DeVito, executive vice president for Servicing at Wells Fargo Home Mortgage. “The nearly 123,000 modifications, other consumer relief options and refinances for which we received credit under the settlement represent only a small percentage of what we have done to assist customers over the past several years. We remain committed to helping customers who face payment challenges find options wherever possible.”

Wells Fargo had a total of more than 918,000 active trial and completed modifications in place and from January 2009 through January 2014 completed 5.6 million refinances. The modifications completed since the beginning of 2009 include approximately $7.8 billion in principal forgiveness and the company expects to continue utilizing principal reduction through modifications where appropriate for customers facing financial hardships when they have Wells Fargo-owned loans that the company also services.

The company continues to work with the Monitor to assess its performance on the servicing standards and on efforts to improve service to customers. For the most recent reporting period, ended Dec. 31, 2013, Wells Fargo reported to the Monitor that the company passed all 29 of the metrics in place to assess its performance.

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.27 -0.76%
FB $101.00 1.47%
GOOG $684.12 0.89%
TSLA $143.67 -3.09%
YHOO $27.10 1.04%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs