Wells Fargo Reports 832,626 Active Trial and Completed Modifications through November 2012
Wells Fargo & Co. (NYSE:WFC) reported today that as of Nov. 30, 2012 it
had in place 832,626 active trial or completed mortgage modifications
initiated since the beginning of 2009. Of those, 699,711
modifications—or approximately 84 percent—were done through proprietary
programs and 132,915 were done through the federal government’s Home
Affordable Modification Program (HAMP).
Wells Fargo also has provided nearly 7.3 million new lower interest rate
home purchase or refinance loans to customers over the same period.
In addition, 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, as of the fourth
quarter of 2012, nearly 93 percent of Wells Fargo’s home loan customers
remained current on their mortgage payments.
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.
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