March 6, 2012 (Jeff Alan)
Wells Fargo reports that 7,179 active trial or completed loan modifications were started in February bringing the total amount of trial and completed modifications to 740,359 since its mortgage relief efforts began in February 2009.
About 82 percent of those loans, 5,861, were modified through the company’s own loan modification programs while the remaining 18 percent, 1,318, were modified through the federal government’s Home Affordable Modification Program (HAMP).
Since Wells Fargo’s mortgage relief efforts began in February 2009, about 84 percent of their total active trial and completed loan modifications, 623,737, have been modified through the company’s own loan modification programs while the remaining 16 percent, 116,622, were modified through HAMP.
Over ninety-two percent of Wells Fargo’s loan customers remained current on their home loans through the fourth 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 80 percent 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 February Housing Scorecard, out of the top 10 mortgage servicers in the United States, Wells Fargo had the third highest amount of active HAMP trial modifications in the month of February behind only Bank of America and J.P. Morgan Chase.
Since the government’s mortgage relief efforts began in 2009, among the top ten mortgage servicers in the country, the number of active permanent loan modifications completed by Wells Fargo under HAMP has only been surpassed by Bank of America and J.P. Morgan Chase, all three of which make up almost half of all permanent HAMP loan modifications.
Tags: Wells Fargo, trial modification, completed modifications, loan modifications, HAMP, borrowers, Housing Scorecard