Wells Fargo Reports 823,164 Active Trial and Completed Modifications through October 2012
Wells Fargo Reports 823,164 Active Trial and Completed Modifications through October 2012
DES MOINES, Iowa--(BUSINESS WIRE)-- Wells Fargo & Co. (NYS: WFC) reported today that it had in place 823,164 active trial or completed mortgage modifications initiated since the beginning of 2009 as of Oct. 31, 2012. Approximately 84 percent—or 692,982 modifications—were done through proprietary programs and 130,182 were done through the federal government's Home Affordable Modification Program (HAMP).
Over the same time frame, Wells Fargo also has provided nearly 7.2 million new low-rate loans to customers for the purchase of homes or to refinance existing mortgages.
As of the third quarter of 2012 nearly 93 percent of Wells Fargo's home loan customers remained current on their mortgage payments and 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.
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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