Since the beginning of the first quarter, San Francisco-based Wells Fargo has significantly increased staffing by 54% in the area of mortgage servicing. In addition, the nation’s second-largest home lender has implemented mandatory overtime for employees working on efforts to modify home mortgages for their borrowers. According to Mary Coffin, Wells Fargo Home Mortgage Servicing Division’s Executive Vice President, Wells Fargo has helped approximately 1 million borrowers across the country by lowering their mortgage rates through refinancing or loan modifications through the first six months of 2009.
Recently, the Obama administration sent letters to mortgage servicers nationwide alerting them to expand their efforts in the loan modification process for homeowners struggling to make their monthly mortgage payments. Coffin and Wells Fargo appear to be well ahead of the curve in this arena as they have been ramping up their staff for several months.
Mike Heid, Co-President of Wells Fargo Home Mortgage said in a recent news release, “Toward that end, we’re pleased by the number of customers Wells Fargo helped in the first six months of this year … We continue to strongly support the administration’s efforts, adding HAMP and HARP to the existing programs Wells Fargo already had in place. Our entire team worked very hard to get the programs up and running to assist homeowners across the country. We are committed to continuing to work with the federal government, consumer counselors, non-profit agencies and others to keep Americans in their homes, whenever possible.”
While servicing one out of every six mortgages in America, Wells Fargo has modified 200,000 mortgage loans and refinanced another 750,000 plus mortgages during the first half of 2009 as part of the federal government’s Making Home Affordable program.
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Home Mortgage
July 24, 2009 @ 9:54 am
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Linda Ferndale
November 5, 2009 @ 11:30 pm
I had a loan with Wells Fargo that I thought was a good rate, then my sister refinanced with a company in New York City, Intercontinental Capital Group and got almost a whole point lower and our credit and income is nearly identical. So I went to them with my information and was able to refinance a whole point lower and am saving more than $100 a month. Wells Fargo is a good lender, but in this market I would suggest shopping thoroughly and checking out smaller, newer lenders, too.
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Martin
November 20, 2009 @ 11:19 pm
In this market smaller banks really are the way to go. I’m trying to finance a house right now out in Chicago and can’t find a bank that will work with me on an APR. Know of any good small banks out here?
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Linda Ferndale
November 27, 2009 @ 8:57 pm
Actually I think they may have recently opened an office out there. Go to their website — it’s [removed for advertising]. The Chicago market was hit pretty hard so a lender that’s new to the scene may be the way to go.
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