December 9, 2011 (Jeff Alan)
As of October 31, 2011, Wells Fargo reports it has in active trial or has completed 721,116 mortgage loan modifications since its mortgage relief efforts began in January 2009, up from 716,176 at the end of September.
About 84 percent of those loans, 609,148, were modified through the company’s own loan modification programs while the remaining 16 percent, 111,968, were modified through the federal government’s Home Affordable Modification Program (HAMP).
Ninety-two percent of Wells Fargo’s loan customers remained current on their home loans in the third quarter of this year and less than two percent of the owner-occupied loans in their mortgage servicing portfolio has 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 November Housing Scorecard, Wells Fargo had the third highest amount of HAMP trial modifications in the month of October behind J.P. Morgan Chase and Bank of America.
Year-to-date, 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