Early numbers under the government’s Home Affordable Modification Program had been varied and many of the bigger lenders were behind in their efforts.
While success continues to vary from one lender to the next, Wells Fargo, second only to Bank of America in number of eligible homeowners under the program, has significantly stepped up its efforts.
From an article in the Minnesota Star Tribune:
“The U.S. Treasury Department said Thursday that Wells Fargo, the nation’s largest home lender, has reduced mortgage payments for nearly 63,000 homeowners through September under the federal Home Affordability Modification Program, or HAMP. About 20 percent of Wells Fargo borrowers eligible for relief under the program have received three-month trial modifications — up from 11 percent in August and just 6 percent in July, the U.S. Treasury said.”
The article goes on to say that the improvement largely stems from improvements in the lender’s process. Perhaps most importantly, they have nearly doubled their home retention staff to 13,000 people nationwide.
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