Wells Fargo reported that as of Nov. 30, 2012 it had in place 832,626 active trial or completed mortgage modifications initiated since the beginning of 2009. Of those, 699,711 modifications -- or approximately 84% -- were done through proprietary programs and 132,915 were done through the federal government’s Home Affordable Modification Program. Wells Fargo also has provided nearly 7.3 million new lower interest rate home purchase or refinance loans to customers over the same period. In addition, fewer than 2% of the loans secured by owner-occupied properties in Wells Fargo’s mortgage servicing portfolio have resulted in a foreclosure sale over the past 12 months and, as of 4Q12, nearly 93% of Wells Fargo’s home loan customers remained current on their mortgage payments.
- Mortgage Loans
- mortgage modifications