Wells Fargo Reports 36,094 Permanent HAMP Modifications

As of April 30, ""Wells Fargo"":https://www.wellsfargo.com/ had completed 36,094 permanent modifications under the administration's Home Affordable Modification Program (HAMP), the Des Moines, Iowa-based bank announced Monday.

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According to the ""monthly HAMP report card released Monday"":http://dsnews.comarticles/hamp-servicers-put-nearly-300000-in-permanent-mods-2010-05-17 by the Treasury Department, participating servicers had initiated nearly 300,000 permanent modifications by the end of April, up almost 13 percent from the previous month. Wells Fargo ranked third for the number of permanent modifications completed to date, trailing behind Bank of America, with 56,398 permanent modifications, and JP Morgan Chase, with 39,507.

When it comes to conversion rates, Wells Fargo was on the low end of the list. According to Treasury's report, the bank had converted 25 percent of its trial modifications into permanent modifications as of the end of April, equal to that of Bank of America and slightly higher than JP Morgan's 22 percent. Wells Fargo's conversion rate was significantly trumped by that of HomeEq and Ocwen, who both posted conversion rates of 83 percent.

In addition to completing 36,094 permanent HAMP modifications, Wells Fargo had 75,322 active trial modifications under HAMP at the end of April, and the bank also continued modifications through its own programs. From the beginning of 2009 through April 2010, Wells Fargo's non-HAMP trial and completed modifications totaled more than 390,000, bringing the lenders total HAMP and non-HAMP active trial and completed modifications to 505,059.

""We continue our efforts to find options that will allow mortgage customers facing financial hardships to stay in their homes through one of our own modification programs or through HAMP,"" said Mike Heid, co-president of Wells Fargo Home Mortgage ""Our ongoing experience reinforces the fact that HAMP is an excellent tool that can benefit many homeowners dealing with payment challenges, but having a full range of options to address different customer circumstances is crucial to helping all of the borrowers who truly need assistance.""

Wells Fargo said it also continues to expand its face-to-face customer contact initiatives to reach more struggling borrowers. Since last fall, the bank has sponsored seven Home Preservation Workshops, during which company representatives have met with nearly 10,500 customers. Additionally, Wells Fargo said it continues to conduct one-on-one meetings with customers invited to its Home Preservation Centers in 27 hard-hit markets, and it has also participated in more than 300 industry-led local outreach events focused on delivering assistance to struggling borrowers since the beginning of 2009.

To support implementation of both new and existing home preservation initiatives, Wells Fargo said it has added nearly 11,000 home retention staff since the beginning of 2009 and now has about 18,200 U.S.-based staff focused on these efforts.