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HAMP Loan Modifications- Wells Fargo Leads the Pack

By
Mortgage and Lending with American Capital Corporation

In a statement issued by Wells Fargo, they have announced 24,975 approved permanent loan modifications as of February 2010. This number of permanent modifications leads all major loan services, with Bank of America coming in second at approximately 21,000 permanent modifications. Bank of America has about 380,000 mortgages that are elligible for the HAMP modification program, according to the Department of the Treasury. Wells Fargo also leads all banks in the number of elligible loans it has placed in permanent or trial loan modifications, with about 37% of its portfolio in the program.

Comments (2)

Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

I absolutely love it when distressed sellers tell me their loan is with Wells Fargo. I find that Wells Fargo makes decisions in a relatively timely fashion.

Mar 16, 2010 09:57 AM
Christine Hynes
American Capital Corporation - Laguna Beach, CA
Orange County Senior Loan Consultant

Vickie - That is great to hear from the trenches that Wells is timely!

Mar 17, 2010 03:14 AM