Wells Fargo Home Loans has agreed to review pending foreclosures where the borrowers are generally delinquent 10 months or more, according to a company spokeswoman.
The Des Moines, Iowa, based mortgage servicing company has assured elected officials and regulators that its foreclosure policies and procedures are compliant with state laws and investor guidelines.
Wells Fargo has refused to halt foreclosures in the 23 states that require judicial review. Among servicers, it ranks second nationwide with $1.8 trillion in housing receivables and a market share of 18.31%, according to figures compiled by National Mortgage News and the Quarterly Data Report.
"In an effort to ensure everyone we are confident in our policies, we have agreed to review pending foreclosures and prioritizing them by foreclosure sales data," said WFHM spokeswoman Vickee Adams.
"If we find any irregularities or anything that is not in sync with our procedures, we will resubmit that affidavit," she said.
Adams stressed that Wells Fargo is conducting a review and not initiating a moratorium on foreclosures. She could not provide an estimate of how many pending foreclosures would be involved in this review.
