Wells Fargo Relies on Own Programs for 86% of Mods

Eighty-six percent, or 568,548, were through the California-based lender’s own modification programs. Loans restructured through the federal government’s Home Affordable Modification Program (HAMP) tallied 95,647.


Eighty-six percent, or 568,548, were through the California-based lender’s own modification programs. Loans restructured through the federal government’s Home Affordable Modification Program (HAMP) tallied 95,647.


“Only 7.22 percent of all first mortgage and home equity loans serviced by the company – including loans originated by Wells Fargo and those originated by other lenders – were past due or in foreclosure in the first quarter of 2011,” Schrettenbrunner explained.

https://www.wellsfargo.com/downloads/pdf/invest_relations/1Q11_10Q.pdf

For customers who are 60 days or more past due who choose to work with the company, Wells Fargo says it has been able to help seven out of every 10 avoid foreclosure.


The company reports that fewer than 2 percent of the loans secured by owner-occupied homes and serviced by Wells Fargo proceeded to a foreclosure sale in the last 12 months.