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Wells Fargo Reports 696,805 Active Trial and Completed Modifications through June 2011

^{Published on 2011-08-05 19:20:27 - Market Wire}
 

DES MOINES, Iowa--([ BUSINESS WIRE ])--Wells Fargo & Co. (NYSE:WFC) reported today that as of June 30, 2011, 696,085 active trial or completed mortgage modifications were in place, since 2009, on loans in its servicing portfolio. A total of 591,941, or 85 percent, of the loans were modified through the companya™s own programs, with the remaining 104,864 loans being modified through the federal governmenta™s Home Affordable Modification Program (HAMP).

"To support that commitment, we are in the process of expanding the one-on-one customer contact model we initiated with loan modifications in June 2010 so that borrowers will move through all phases of loss mitigation with one dedicated home preservation specialist."

aWells Fargo is committed to working with borrowers to help identify all available options that may help borrowers retain their home or avoid foreclosure,a said Michael DeVito, with Wells Fargo Home Mortgage Default Servicing. aTo support that commitment, we are in the process of expanding the one-on-one customer contact model we initiated with loan modifications in June 2010 so that borrowers will move through all phases of loss mitigation with one dedicated home preservation specialist.a

About 93 percent of Wells Fargoa™s home loan customers remained current on their home payments as of the second quarter of 2011 and over the last 12 months fewer than 2 percent of the owner-occupied loans in the companya™s servicing portfolio have actually proceeded to a foreclosure sale. From January 2009 through June 2011, the company has helped more than 4.3 million homeowners with new low-rate loans, either to purchase a home or refinance their existing mortgage.

In addition, compared to 2010 Wells Fargo has doubled the number of Home Preservation Workshops it hosts in cities challenged with foreclosures. To date, the company has hosted 35 such events offering more than 23,000 borrowers the opportunity to speak confidentially, face-to-face with a home specialist about their financial challenges.

Between 100 and 200 Wells Fargo home retention team members a" including bilingual specialists a" are on hand at the workshops, to work one-on-one with customers. Where possible, borrowers may be able to receive a decision on a workout, loan modification, or other options, on site or shortly following the workshop. Options include Wells Fargoa™s own loan modification program and the federal governmenta™s Home Affordable Modification Program (HAMP), as well as short sales or deeds in lieu of foreclosure.

Upcoming 2011 Home Preservation Workshops

Following Chicago, Wells Fargoa™s next 12 Home Preservation Workshops are scheduled in:

About Wells Fargo

Wells Fargo Home Mortgage is the nationa™s leading mortgage lender and services one of every six mortgage loans in the nation. A division of Wells Fargo Bank, N.A., it has a national presence in mortgage stores and banking stores, and also serves the home financing needs of customers nationwide through its call centers, Internet presence and third-party production channels.

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet ([ wellsfargo.com ] and [ wachovia.com ]), and other distribution channels across North America and internationally. With approximately 275,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortunea™s 2011 rankings of Americaa™s largest corporations. Wells Fargoa™s vision is to satisfy all our customersa™ financial needs and help them succeed financially.