July 5, 2011 (Jeff Alan)
Wells Fargo & Co. announced that since the beginning of 2009, they have initiated 687,047 active trial or completed loan modifications of which 585,213 were done through the company’s own loan modification programs and 101,834 that have been done through the federal government’s Home Affordable Modification Program (HAMP), a ratio of over 5 to 1.
Wells Fargo also reports that during that same time period over 2.7 million consumers have taken advantage of the historically low interest rates and reduced their mortgage payments through refinancing.
As of the first quarter of 2011, about 93 percent of Wells Fargo’s home loan customers have remained current on their mortgage payments, and in the last 12 months, less than 2 percent of the loans secured by owner-occupied homes serviced by Wells Fargo have resulted in foreclosure.
“Avoiding foreclosure is a top priority for us and when customers work with us, we can help 7 of every 10 to stay out of foreclosure,” said Teri Schrettenbrunner, senior vice president, Wells Fargo Home Mortgage. “We continue to introduce means to make the home preservation process easier for customers to manage. That includes improving upon and expanding the primary contact model we introduced in June 2010 so that a customer knows exactly who they are working with on a modification from beginning to end. We also continue to aggressively reach out to customers 60 or more days behind on their home loans via mail and telephone in an effort to engage them.”
Wells Fargo says that nearly half of the 58,000 customers that have attended one of the bank’s 31 Home Preservation Workshops or sought help at one of the 27 Home Preservation Centers around the country have received a decision on the spot or shortly after their visit.
The next Home Preservation Workshop is in Bellevue, Washington, on July 7 and 8, 2011. The event is being held at the Hyatt Regency Bellevue and will be open from 9:00 a.m. until 7:00 p.m. each day. The last day to register for this event is today.
Tags: Wells Fargo, loan modifications, HAMP, low interest rates, reduced mortgage payments, refinancing, foreclosure, Home Preservation Workshops