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Wells Fargo Processes 733,180 Loan Mods Since ’09

March 27, 2012

By Kerri Panchuk • March 5, 2012 • 11:27am

Wells Fargo ($34.02 0%) recorded 733,180 mortgage modifications in the past three years.

The company handled 617,876 modifications through in-house programs. Another 115,304 loan mods were through the government’s Home Affordable Modification Program.

Wells said more than 92% of its home loan customers were current on payments in the fourth quarter and fewer than 2% of loans on owner-occupied properties in its servicing portfolio landed in foreclosure over the past 12 months.

The lending giant said 75% of customers who fell more than 60-days late on their payments were able to work out something with the bank to avoid foreclosure.

In the past three years, Wells Fargo said it has put nearly 5.4 million homeowners into low-rate loans for home purchases and refinancings.

SOURCE.

 

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