Wells Fargo Reports 749,806 Active Trial and Completed Modifications through March 2012
DES MOINES, Iowa--(BUSINESS WIRE)-- Wells Fargo & Co. (WFC) reported today that as of March 31, 2012 the company had 749,806 active trial or completed mortgage modifications in place. Of those, 630,981 modificationsor approximately 84 percentwere done through the companys own programs and 118,825 were through the federal governments Home Affordable Modification Program (HAMP).
As of the end of the first quarter of 2012, more than 93 percent of Wells Fargos home loan customers remained current on their mortgage payments and over the past 12 months fewer than 2 percent of the loans on owner-occupied properties in its mortgage servicing portfolio have resulted in a foreclosure sale. Wells Fargo also has helped nearly 6 million customers secure new low-rate loans for home purchases or to refinance existing mortgages between January 2009 and April 2012.
About Wells Fargo
Wells Fargo Home Mortgage is the nations 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 Bank, N.A. is an equal housing lender.
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 other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortunes 2011 rankings of Americas largest corporations. Wells Fargos vision is to satisfy all our customers financial needs and help them succeed financially.
Wells Fargo & Company
Tom Goyda, 636-594-2259
Jim Rowe, 415-396-8216
Source: Wells Fargo & CompanyCopyright Business Wire 2012