October 19, 2012 (Jeff Alan)
Wells Fargo reports that 10,854 active trial or completed loan modifications were started in August bringing the total amount of trial and completed modifications to 803,456 since its mortgage relief efforts began in April 2009.
About 86 percent of those loans, 9,307, were modified through the company’s own loan modification programs while the remaining 14 percent, 1,547, were modified through the federal government’s Home Affordable Modification Program (HAMP).
Since Wells Fargo’s mortgage relief efforts began in May 2009, about 84 percent of their total active trial and completed loan modifications, 675,753, have been modified through the company’s own loan modification programs while the remaining 16 percent, 127,703, were modified through HAMP.
Wells Fargo’s 10,854 active trial and completed loan modifications in August were 5.6 percent lower than the 11,503 loan modifications in July.
Nearly ninety-three percent of Wells Fargo’s loan customers remained current on their home loans through the second quarter of 2012 with 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 September Housing Scorecard, out of the top 10 mortgage servicers in the United States, only Bank of America had exceeded Wells Fargo in the number of active HAMP trial modifications through the end August. Wells Fargo also had the second highest conversion rate with 89 percent of its eligible HAMP trial modifications converting to permanent modifications since July 1, 2010
Bank of America had over fourteen thousand active trial modification through August, while J.P. Morgan Chase Bank was slightly behind Wells Fargo.
Since the government’s mortgage relief efforts began in 2009 through the end of August, 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 J.P. Morgan Chase (178,000) and Bank of America (174,000), 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