July 16, 2012 (Jeff Alan)
Wells Fargo reports that 10,875 active trial or completed loan modifications were started in May bringing the total amount of trial and completed modifications to 771,757 since its mortgage relief efforts began in April 2009.
About 81 percent of those loans, 8,787, were modified through the company’s own loan modification programs while the remaining 19 percent, 2,088, 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, 648,709, have been modified through the company’s own loan modification programs while the remaining 16 percent, 123,048, were modified through HAMP.
Over ninety-three percent of Wells Fargo’s loan customers remained current on their home loans through the first 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 June 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 May. Wells Fargo also had the highest conversion rate with 90 percent of its eligible HAMP trial modifications converting to permanent modifications since June 1, 2010.
J.P. Morgan Chase had almost fifteen thousand active trial or completed loan modifications through the end May while Bank of America had just over thirteen thousand.
Since the government’s mortgage relief efforts began in 2009, 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 and J.P. Morgan Chase, 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