Wells Fargo (WFC) grew its portfolio of active and completed mortgage modifications from 733,180 at the end of January to 740,359 in late February.
Those numbers include all active and completed modifications reported at the bank within the time period stretching from January 2009 through February 2012. Wells says 84% of those modification efforts, or 623,737, were done through the bank’s proprietary programs, while 116,622 were finalized through the government’s Home Affordable Modification Program.
Wells Fargo managed to encourage 80% of its seriously delinquent customers to seek assistance. Approximately seven out of 10 of those customers avoided foreclosure, the bank reported.
In addition, the firm helped 5.6 million customers obtained low-rate loans for purchases and refinancing over the past three years.
“As a result of that success and the fact that more than 92% of Wells Fargo’s home loan customers remained current on their mortgage payments as of the fourth quarter of 2011, fewer than 2% of the loans on owner-occupied properties in its mortgage servicing portfolio have resulted in a foreclosure sale over the past 12 months,” Wells Fargo wrote in a statement. “Wells Fargo also has helped nearly 5.6 million customers secure new low-rate loans for home purchases or to refinance existing mortgages between January 2009 and February 2012.”
