Wells Fargo Reports Modification And Refinance Data

Posted by Orb Staff on July 17, 2009 No Comments
Categories : Mortgage Servicing

Fargo has announced that it has helped nearly 1 million borrowers lower their mortgage payments or restructure their loans in the first half of 2009. The company has refinanced approximately 750,000 customers' mortgages using the Home Affordable Refinance Program (HARP) and other standard refinance programs. More than 200,000 trial and completed modifications were completed through the Home Affordable Modification Program (HAMP) and Wells Fargo's proprietary programs. "We continue to strongly support the administration's efforts, adding HAMP and HARP to the existing programs Wells Fargo already had in place, said Mike Heid, co-president of Wells Fargo Home Mortgage, in a company statement. "Our entire team worked very hard to get the programs up and running to assist homeowners across the country." In congressional testimony Thursday, Wells Fargo's executive vice president of servicing, Mary Coffin, said the company has increased its trained staff by 54% in the first six months of 2009, for a total of 11,500 U.S.-based default team members. SOURCE: Well

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