September 6, 2011 (Jeff Alan)
Wells Fargo reports that 8,784 active trial or completed loan mortgage modifications were posted in July, down from 9,759 in June. As of July 31, 2011, Wells Fargo says it has completed or has in active trial 704,869 mortgage loan modifications since January 2009, up from 696,085 at the end of June.
Eighty-five percent of those loans, 599,465, were modified through the company’s own loan modification programs while the remaining 15 percent, 105,404, were modified through the federal government’s Home Affordable Modification Program (HAMP). Those percentages were unchanged from June.
Michael DeVito, executive vice president of Wells Fargo Home Mortgage Default Servicing, stated, “Wells Fargo continues to work with borrowers on mortgage modifications and other options that can help them remain in their homes and avoid foreclosure when they encounter financial difficulties. Our priority is to prevent as many foreclosures as possible by working with financially distressed customers – and we want them to know we are there to help them.”
Since January of 2009, Wells Fargo has helped more than 4.4 million homeowners obtain new low rate loans, either to purchase a home or to refinance their existing loan with 93 percent of its home loan customers remaining current on their mortgage payments as of the second quarter of 2011 and less than two percent of the loans in its portfolio proceeding to a foreclosure sale.
According to the latest information released in the Obama Administration’s August Housing Scorecard, Wells Fargo had the second highest amount of active HAMP modifications in the month of June, with only Bank of America having more.
Year-to-date among the top ten mortgage servicers in the country, Wells Fargo’s loan modification efforts under HAMP were only surpassed by Bank of America and J.P. Morgan Chase.
Tags: Wells Fargo, trial modification, completed modifications, loan modifications, HAMP, borrowers, Housing Scorecard