As one of the larger lenders in the United States, Wells Fargo has been at the center of some negative news reports regarding stubborn lending practices. After Wells Fargo and several other big lenders became the forefront of scrutiny for stingy loan modification options, they have been working to turn over a new leaf. Since they stepped up efforts last year to help struggling homeowners avoid foreclosure, Wells Fargo has some positive numbers to report.
Bringing The Good News
Since January of 2009, Wells Fargo has taken an active interest in helping more people qualify for mortgage modifications or refinancing options. They reported earlier this week that they have successfully completed around 725,000 modifications in this short time, 3,600 of those completed in the last two months. Their mortgage relief efforts show that 81 percent of the loan modified were processed through the company directly, while the other 19 percent were modified through the federal Home Affordable Modification Program.
Wells Fargo also reports that 92 percent of their modified loan customers have remained current on their loans since the modification took place. Further, less than 2 percent of those who successfully obtained modifications resulted in a foreclosure despite Wells Fargo’s efforts. Similar success rates are also being reported by other lenders such as Bank of America and J.P. Morgan Chase.