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.