Wells Fargo & Co. (NYSE:WFC) reported today that as of July 31, 2012, the company had in place 792,602 active trial or completed mortgage modifications. Of those, 666,446 modifications — or approximately 84 percent — have been done through the company’s own programs. The other 126,156 modifications were through the federal government’s Home Affordable Modification Program (HAMP).
Fewer than 2 percent 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 nearly 93 percent of Wells Fargo’s home loan customers remained current on their mortgage payments in the second quarter of 2012. Between January 2009 and July 2012, Wells Fargo also provided nearly 6.5 million new low-rate loans to customers for the purchase of homes or to refinance existing mortgages.
About Wells Fargo
Wells Fargo Home Mortgage is the nation’s leading mortgage lender and services one of every six mortgage loans in the nation. A division of Wells Fargo Bank, N.A., it has a national presence in mortgage stores and banking stores, and also serves the home financing needs of customers nationwide through its call centers, Internet presence and third-party production channels. Wells Fargo Bank, N.A. is an equal housing lender.
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With approximately 265,000 full-time equivalent team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.