Banking giant Wells Fargo & Co. (WFC) reported 803,456 active or completed loan modifications for the three-year period stretching from early 2009 through Aug. 31, 2012.
While that number is still well below the 1.2 estimated modifications conducted at the GSEs since mid-2008, it does show the private bank getting somewhat closer to the one million-modifications mark. When looking at all foreclosure-prevention actions recorded by FHFA, the conservator for Fannie Mae and Freddie Mac, the GSEs attempted 2.4 million foreclosure prevention actions in four years.
About 84% of the active and completed Wells Fargo modifications, or 675,753 actions, were completed through Wells Fargo’s own proprietary programs. Another 127,703 were finalized through the federal government’s Home Affordable Modification Program (HAMP).
Wells also offered 6.7 million in new low-rate loans to customers for home purchases and refinancing transactions through the same three-year period.
Close to 93% of Wells Fargo’s home loan customers stayed current on their mortgage payments in the second quarter of 2012, and less than 2% of the mortgages secured by owner-occupied properties in servicing ended up in foreclosure over the last 12 months.
