Wells Provides HAMP Data

Wells Fargo & Co. had 523,336 active trial and completed loan modifications as of March 31. Modifications done outside of the Home Affordable Modification program made up nearly 380,000 of that total. As of March 31, Wells Fargo had 144,932 active trial and completed modifications in the HAMP program, including 30,014 permanent modifications and 9,162 pending completion. The company said it had initiated or completed three mods for every one foreclosure on an owner-occupied property between October 2009 and March 2010, and that less than 2% of owner-occupied mortgages serviced by the company went to a foreclosure sale in the past 12 months. Wells also made an analysis of projected HAMP outcomes. Out of the 138,000 borrowers who made three HAMP trial payments as of March 31, 50% are expected to have completed modifications; another 30% will be found not to be eligible for HAMP once their documents have been reviewed; 10% will have some required documents not provided and another 10% would have no required documents provided. Wells has added over 10,000 home retention staff people since the start of 2009 and now has 17,400 people focused on these efforts.