Wells Fargo has recently reported its progress toward settlement – mandated agreements on aid to home owners in distress. According to Wells Fargo, they have performed 4.4 billion dollars in relief for distressed home owners. This amount is through June 30, 2013. Wells Fargo reported this to the Office of Mortgage Settlement Oversight (OMSO). The OMSO was established to monitor the various mortgage related settlements brokered by the respective Attorney Generals in 49 states as well as other settlements (OCC for example).
If this number is correct, (Wells Fargo has been accused of blonde ….er ugh…fuzzy math in the past), it officially takes the lender over the settlement-mandated amount of $4.3 billion in consumer relief and refinances that Wells Fargo agreed to as part of the National Mortgage Settlement. “We will continue our strong commitment to helping customers who face payment challenges or who want to refinance…[including by] utilizing principal reduction through modifications where appropriate,” said Wells Fargo executive vice president for servicing Michael DeVito. Seems that the definition of “where appropriate” by Wells Fargo standards is different that most of our definition of “where appropriate”!!
Wells Fargo seems to be the punching bag for distressed home owners. Together with Bank of America, they have received the lion’s share of negative publicity. They have been slow and difficult to deal with and I truly must question these numbers as they are inconsistent with my experience. Wells Fargo has been difficult to deal with for loan modifications. In the short sale are arena, they are pretty decent (albeit slow) - I had a home owner walk away from the process eight months ago because Wells was so slow), and Wells approved the short sale two weeks ago! Even through in a relocation allowance of $5,000!! Seems ya never know!
Let’s continue to monitor the progress and see where Wells stands in the future…
Paddy Deighan J.D. Ph.D
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