September 24, 2012 (Jeff Alan)
Wells Fargo reports that 11,503 active trial or completed loan modifications were started in July bringing the total amount of trial and completed modifications to 782,602 since its mortgage relief efforts began in April 2009.
About 89 percent of those loans, 10,251, were modified through the company’s own loan modification programs while the remaining 11 percent, 1,252, were modified through the federal government’s Home Affordable Modification Program (HAMP).
Since Wells Fargo’s mortgage relief efforts began in May 2009, about 85 percent of their total active trial and completed loan modifications, 666,446, have been modified through the company’s own loan modification programs while the remaining 15 percent, 126,156, were modified through HAMP.
Wells Fargo’s 11,503 completed loan modifications in July were 23.1 percent higher than the 9,342 loan modifications in June.
Nearly ninety-three percent of Wells Fargo’s loan customers remained current on their home loans through the second quarter of 2012 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.
According to the latest information released in the Obama Administration’s August Housing Scorecard, out of the top 10 mortgage servicers in the United States, only J.P. Morgan Chase and Bank of America had exceeded Wells Fargo in the number of active HAMP trial modifications through the end June. Wells Fargo also had the second highest conversion rate with 89 percent of its eligible HAMP trial modifications converting to permanent modifications since June 1, 2010
J.P. Morgan Chase had over thirteen thousand active trial or completed HAMP modifications in June (latest data available) while Bank of America had over twelve thousand.
Since the government’s mortgage relief efforts began in 2009 through the end of July, 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 (138,000) and J.P. Morgan Chase (128,000), 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