Lender Wells Fargo & Co. started tracking completed loan modifications under its umbrella in January 2009 and has since completed 792,602 active and completed home loan mods, the company said.
About 84% of those modifications, or 666,446, were completed through the company’s own programs while another 126,156 went through the federal government’s Home Affordable Modification Program.
In just the past 12 months, less than 2% of loans supported by owner-occupied properties fell into foreclosure. In addition, close to 93% of Wells Fargo home loan customers remained current on their mortgages in the second quarter.
In the past three years, Wells Fargo issued 6.5 million now low-rate home loans to customers who were either buying a new home or refinancing an existing mortgage, the lender claimed this past week.
