Press release from Business Wire
Wells Fargo to Host 90th Home Preservation Workshop as Foreclosure Prevention Efforts Continue
<p class='bwalignc'> <i>Customer outreach helps Company's delinquency and foreclosure rate fall to a five-year low in first quarter 2013, dropping below 7 percent</i> </p> <p class='bwalignc'> </p>
Monday, April 22, 2013
Wells Fargo to Host 90th Home Preservation Workshop as Foreclosure Prevention Efforts Continue13:33 EDT Monday, April 22, 2013
SAN FRANCISCO (Business Wire) -- Wells Fargo & Company (NYSE: WFC), one of America's largest financial services companies and the nation's largest home mortgage lender, today announced plans to host seven more Home Preservation Workshops through July, including its 90th since 2009, as it marked a five-year low in its mortgage portfolio's foreclosure and delinquency rate in the first quarter.
The workshops have been a part of Wells Fargo's foreclosure prevention efforts since the 2008 financial crisis, offering face-to-face mortgage counseling across the country to Wells Fargo Home Mortgage, Wells Fargo Financial and Wells Fargo Home Equity customers. These have been in addition to the more than 1,000 third-party foreclosure prevention events that Wells Fargo has taken part in since 2009. Collectively, Wells Fargo's efforts have provided face-to-face counseling to more than 40,000 customers, and have resulted in more than 850,000 mortgages being modified to help homeowners avoid foreclosure.
Combined with conservative loan underwriting principles and the recent strengthening of housing markets, the company's foreclosure prevention efforts contributed to a delinquency and foreclosure rate of 6.54 percent in the first quarter of 2013 for Wells Fargo's home mortgage portfolio—the lowest combined rate since 2008. Throughout the post-crisis period, Wells Fargo's delinquency and foreclosure rate has been lower than the industry's average, as tracked by Inside Mortgage Finance. The publication's March 1, 2013 issue showed Wells Fargo's delinquency and foreclosure rate was 7.04 percent in the fourth quarter of 2012 compared with an industry average (excluding Wells Fargo) of 10.59 percent.
“Because of the product choices we have made, our disciplined underwriting, and our foreclosure prevention efforts, Wells Fargo's delinquency and foreclosure rates, over time, have continued to be significantly less than the industry average,” noted Joe Ohayon, senior vice president of Community Outreach with Wells Fargo Home Mortgage. “When our customers work with us to address financial hardships and challenges with making their mortgage payments, we help seven out of 10 avoid foreclosure.”
Upcoming Wells Fargo Home Preservation Workshops
Through August, Wells Fargo will be inviting thousands of customers across the country who may be experiencing mortgage payment challenges to the upcoming free workshops:
|May 2013||June 2013||July 2013||August 2013|
Stockton, CA - May 7
Dallas - May 23
New Orleans - June 14
Birmingham, AL - June 20
Memphis, TN - July 11
Chicago - July 18
|Detroit – Aug. 8|
Nearly half of borrowers attending these events receive a decision on a workout, loan modification, or other foreclosure prevention option at a workshop or shortly following. About 75 Wells Fargo homepreservation specialists, including bilingual team members, will be on site to assist. Parking is free and walk-ins are welcome, although registration is strongly recommended to guarantee a one-on-one meeting with a representative. Customers can register at www.wfhmevents.com/leadingthewayhome or call 1-800-405-8067 for more information. Customers facing mortgage payment difficulties also can call 1-800-678-7986 for more information about potential options to avoid foreclosure.
Lending, Home Preservation and Community Stabilization
Wells Fargo originates one in every four home loans in the country and services one of every six. The company is the No. 1 home lender in the country, including to all racial and ethnic groups, low- and moderate-income borrowers, and in low- and moderate-income neighborhoods.
Other facts about Wells Fargo's home lending, foreclosure prevention and community stabilization efforts include:
- Since the beginning of 2009, the company has made 8 million loans to customers to help them purchase a home or to take advantage of low interest rates through a refinance. Ninety-three percent of the company's customers are current on their loans.
- Between January 2009 and February 2013, Wells Fargo has helped an average of more than 800 customers per day through foreclosure prevention efforts.
- 167,000 customers have received principal adjustments with $6.6 billion in total forgiveness.
In neighborhoods struggling with unsold or unoccupied homes, 14,300 families have attended NeighborhoodLIFT SM and CityLIFT SM events to discuss options regarding sustainable homeownership and to receive assistance. In addition, Wells Fargo has committed to lend $25.6 billion in home loans and to provide $170 million in down payment assistance, education and support by 2016 in communities severely impacted by foreclosures.
- $315.8 million invested last year in 19,500 non-profits and community organizations.
- 1.5 million hours volunteered by more than 57,000 Wells Fargo team members.
- Leading all corporations last year in United Way giving for a fourth consecutive year as Wells Fargo team members raised $60.7 million during their annual Community Support and United Way campaign – a 23 percent increase over 2011.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune's 2012 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
Wells Fargo & Company
Chris Hammond, 415-222-4106
Tom Goyda, 636-594-2259