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Wells Fargo Reports May 2010 Modification Activity

By
Services for Real Estate Pros with LoanSafe.org

DES MOINES, Iowa, June 21, 2010, Wells Fargo said today that since the beginning of 2009 through May 31, 2010 the company has done 498,860 active trial and completed modifications through the government’s Home Affordable Modification Program (HAMP).There were a total of 412,102 non-HAMP trial and permanent modifications and 86,758 HAMP active trial and permanent modifications, including 40,759 permanent modifications.

In the first quarter of 2010, about 92% of Wells Fargo’s borrowers were current on their mortgage payments, according to the May 21 edition of Inside Mortgage Finance, and the firm's default and foreclosure rates were about three quarters of that of the industry. Therefore, less than 2% of the mortgages secured by owner-occupied homes and serviced by Wells Fargo ended up in foreclosure in the last year.

Jody Lautenbach
Century 21 Premier Associates - Pella, IA

Great numbers to see - let's hope that the call I got from my Wells Fargo homeowner today will one that they will work with and help.

Jun 22, 2010 06:52 AM
David Obbee
Obbee.com - Agoura Hills, CA

Moe: That seems odd- There was an article on the Yahoo finance page yesterday which said there were only about 1.2 million modifications submitted through HAMP.  If that's accurate, then, comparatively,  according to Wells Fargo's press release, it's personally done almost half of all loan modifications in the United States.  Why don't they put more through HAMP?  Very curious...

Jun 22, 2010 06:53 AM
John Thomas
E3 Green HOMES - Boulder, CO
EcoBroker, MSEE, MBA

I'm glad they are reporting the deals that are getting done. It would be really interesting to hear the 'whole' story like how many deals are in the que and how many have failed to meet their criteria.

Jun 22, 2010 07:30 AM