The report released by the monitor can be viewed here. National consumer relief and refinance program totals appear in the table below:
|Program||Customers Helped||Consumer Benefit 1|
|1 st and 2 nd lien trial and completed modifications||12,430 2||$1.1 billion in principal forgiveness 2|
|Short sales and deeds-in-lieu of foreclosure||12,872||$1.3 billion in write offs of indebtedness|
|Other consumer relief activity||4,300||$33 million in write offs of indebtedness|
|1 st lien refinances||15,453||$588 million in total interest savings ($4,848 in average annual interest savings for each customer refinanced) 3|
|1 Dollar amounts include a portion of the gross consumer benefit provided and do not reflect the amount of credit toward Wells Fargo’s financial commitment. The credit applied to the commitment will be determined by a formula that takes into account the amounts here as well as other factors. 2 Includes completed 1 st lien modifications and completed 2 nd lien modifications from interim report to the OMSO, plus active trial modifications in place as of Sept. 30, 2012. Active trial modifications included are not directly comparable to trial modifications listed in the report to the OMSO. 3 Reflects $2.9 billion in UPB refinanced with an average note rate reduction of 2.63% resulting in total annual interest savings to customers of $75 million and $588 million in total interest savings to customers over the 7.85-year anticipated average life of the refinanced loans.|
The geographic distribution of Wells Fargo’s consumer relief and refinance activities remains consistent with the distribution of its portfolio and also reflects the fact that the financial commitments under the settlement are focused on borrowers who are in a negative equity position.The results in the report indicate Wells Fargo is on track to complete the number of refinances necessary to satisfy the entire credit in the first 12 months of offering the refinance program, and to meet its commitments on the modification and other consumer relief programs within the required timeframes, as the company had estimated in previous disclosures. The progress to date reflected in the report regarding the refinance program is consistent with what the company has previously disclosed in terms of the number of customers expected to be refinanced through the program and the financial impact. 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 $1.4 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 has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.