January 11, 2012 (Brian Michael)
Wells Fargo reports that 3,594 active trial or completed loan mortgage modifications were started in November bringing the total amount of trial and completed modifications to 724,710 since its mortgage relief efforts began in January 2009.
About 81 percent of those loans, 2,913, were modified through the company’s own loan modification programs while the remaining 19 percent, 681, were modified through the federal government’s Home Affordable Modification Program (HAMP).
Since Wells Fargo’s mortgage relief efforts began in January 2009, about 84 percent of their total active trial and completed loan modifications, 612,061, have been modified through the company’s own loan modification programs while the remaining 16 percent, 112,649, were modified through HAMP.
Ninety-two percent of Wells Fargo’s loan customers remained current on their home loans through the third quarter of 2011 and less than two percent of the owner-occupied loans in their mortgage servicing portfolio have resulted in a foreclosure sale over the last year.
Wells Fargo says they were able to provide nearly three out of every four of their customers who fell more than 60 days behind on their mortgage payments with an option that prevents foreclosure.
According to the latest information released in the Obama Administration’s December Housing Scorecard, Wells Fargo had the third highest amount of HAMP trial modifications in the month of November behind only Bank of America and J.P. Morgan Chase.
Through the first 10 months of 2011, among the top ten mortgage servicers in the country, Wells Fargo’s loan modification efforts under HAMP have only been surpassed by Bank of America and J.P. Morgan Chase.
Tags: Wells Fargo, trial modification, completed modifications, loan modifications, HAMP, borrowers, Housing Scorecard