Yesterday, we share a little bit of information around a conversation we had with J.K. at Wells Fargo. She is the head of their short sale and foreclosure departments. We broke the information up into two days for you. So, this is day two.
We asked J.K about Equator and Wells Fargo has rolled it out to about 4,000 agents and it is going well thus far. They are meeting this week to intergrate their systems. We have seen other banks go through some growing pains and it's nice to see Wells Fargo taking it one step at a time. It sounds like they are committed to rolling out Equator on a large scale in the future.
Looking at all of the loans that Wells Fargo services, only 20% of those loans are from their own portfolio. It was interesting to find out that of those 20%, there are six or seven different investors. Wells Fargo Bank, Wells Fargo Home Equity, Wells Fargo Investments, Wells Fargo Financial, etc. etc. So, understand that within this one umbrella, they each have their own profit and loss statements. They are working on getting each of these entities to communicate with each other.
You might notice a difference in the near future when you are dealing with a first lien at Wells Fargo and the Home Equity division at Wells Fargo. They now have guidelines about how to work together. Before, they would fight each other in the negotiation process.
Wells Fargo is also putting people on the ground level to share information with them. This is for the benefit of agents and homeowners. Bank of America has been doing this and now Wells Fargo has taken on this additional step. There are some agent friendly steps being taken at Wells Fargo and we look forward to seeing how they positively affect the short sale industry.
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