Wells Fargo Reports 812,019 Active Trial and Completed Modifications through September 2012
DES MOINES, Iowa--(BUSINESS WIRE)-- Wells Fargo & Co. (NYS: WFC) reported today that as of Sept. 30, 2012 the company had in place 812,019 active trial or completed mortgage modifications initiated since the beginning of 2009. Of those, 683,357 modifications—or approximately 84 percent—were done through proprietary programs and 128,662 were done through the federal government's Home Affordable Modification Program (HAMP).
Fewer than 2 percent of the loans secured by owner-occupied properties in Wells Fargo's mortgage servicing portfolio have resulted in a foreclosure sale over the past 12 months and nearly 93 percent of Wells Fargo's home loan customers remained current on their mortgage payments in the third quarter of 2012. Wells Fargo also provided nearly 7.0 million new low-rate loans to customers for the purchase of homes or to refinance existing mortgages between January 2009 and September 2012.
Help for Mortgage Customers Impacted by Hurricane Sandy
Wells Fargo mortgage customers affected by Hurricane Sandy in Connecticut, Delaware, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Virginia, West Virginia and the District of Columbia are encouraged to contact Wells Fargo right away to discuss mortgage payment arrangements or to get assistance with handling property insurance loss claims. The mortgage customer service team is specially-trained in disaster response and can provide information about loans and assistance programs. Visit Wells Fargo's Get Help with Disaster Recovery Web page for additional details.
Wells Fargo customers who have been affected by Hurricane Sandy and need assistance may call 1-800-TO-WELLS (1-800-869-3557) 24 hours a day, seven days a week. Customers can also visit their nearest Wells Fargo store during normal hours of operation.
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 (NYS: 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.
Wells Fargo & Co.
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