Wells Fargo (NYSE: WFC) announced on Friday that through the Home Affordable Modification Program (HAMP) and other modification programs it has provided mortgage relief for nearly a half million customers.
The bank stepped up efforts in the fourth quarter, with three loan modification being initiated or completed for every one foreclosure sale on primary residence residential mortgages. For the full year, 350,000 modifications were made through non-HAMP efforts, while 118,708 trial and completed modifications were done through HAMP.
“We continue to use every available tool to prevent foreclosures when a viable alternative exists, as that is in the best interest of our customers, our communities and our shareholders,” said Mike Heid, co-president of Wells Fargo Home Mortgage. “Our objectives from the beginning have been to work to establish affordability for customers who are truly in need so that we can avoid foreclosures when possible. Our approach also considers the interests of the 92 percent of our customers who are current on their payments.”
“HAMP is the first option we consider when working with a customer who is experiencing a financial hardship, but any customer who does not qualify for a Home Affordable Modification is also considered for our own modification programs or other alternatives to foreclosure,” added Heid.
Wells Fargo has increased its home retention staff by more than 8,000 people in 2009, giving it a total in excess of 15,000 employees to help borrowers stay in their homes.
Several initiatives were set off in 2009 to increase the effectiveness of mortgage payment relief, including a test of door-to-door efforts in order to secure the proper mortgage modification documents from eligible borrowers.
