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Wells Fargo Helps 27k Find Relief through Settlement Programs

""Wells Fargo"":https://www.wellsfargo.com/ announced it has made progress in meeting requirements to offer homeowners relief as outlined by the $25 billion ""national mortgage servicing settlement"":http://dsnews.comarticles/robo-signing-settlement-finalized-2012-02-09.

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The company stated in a release that it has helped more than 27,000 homeowners under the settlement terms, and it estimates it has fulfilled about 35 percent of its $4.3 billion consumer relief and refinance commitment.

So far, 7,715 customers have found relief through first and second lien trials and completed modifications, and 8,596 received first lien refinancing. In addition, 7,516 borrowers were able to complete a short sale or deed-in-lieu.

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""We are pleased with our progress in fulfilling our financial commitments under the National Mortgage Settlement, which builds on our previous consumer relief and refinance efforts,"" said Michael DeVito, executive VP for Default Mortgage Servicing at Wells Fargo Home Lending.

Wells Fargo also stated that through June 2012, it has implemented about a third of the servicing standards required under the settlement and expects all of the standards to be implemented by early October 2012.

""We believe that implementing the servicing standards has been a productive process that enables Wells Fargo and the servicers that are party to the settlement to operate under a common set of rules and expectations, and enable the independent monitor to consistently evaluate servicer compliance and performance,"" DeVito concluded.

In the release, the bank stated it services one out of every six mortgage loans in the nation.

Through the settlement, five servicers - Wells Fargo, Bank of America, JPMorgan Chase, Citigroup, and Ally Financial - were required to offer $20 billion in financial relief to homeowners.

About Author: Esther Cho

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