Wells Fargo Co. has invited 9,500 distressed customers to a two-day Home Preservation workshop scheduled for Sept. 8 and 9 in Atlanta, the city where it introduced one of the bank’s first foreclosure prevention workshops in 2009.
Like what you see? Click here to sign up for a National Mortgage News free trial and daily newsletter to get the latest feature stories, news headlines, data, and in-depth analysis on the issues impacting the mortgage industry.
The number of this year’s attendees in Atlanta is expected to be significantly higher than the 2,663 homeowners who met one-on-one with Wells Fargo home retention specialists two years ago.
Registered borrowers who sign up by Sept. 6 are guaranteed a face-to-face meeting with a representative at the event, which is slated to be held in the Georgia World Congress Center.
The Wells Fargo home retention team consists of about 150 members including bilingual specialists who, when possible, help attendees receive a decision on a workout while onsite or shortly following the workshop.
Free Home Preservation Workshop options are offered to distressed borrowers who received loans from Wells Fargo Home Mortgage, Wells Fargo Financial, Wachovia Mortgage and Wells Fargo Home Equity.
In the past three years since Wells Fargo introduced its first workshop in September 2009, the bank has hosted 38 workshops that have enabled 24,000 distressed borrowers to talk to a counselor face-to-face. More borrowers will receive one-on-one counseling by yearend during the next ten scheduled events.
Other upcoming home preservation workshops in September are scheduled in Orlando and Nashville. The bank said foreclosure prevention workshops also would be hosted later in the year in Washington, Kansas City, Ft. Myers, Ft. Lauderdale and Jacksonville, Fla., San Antonio, Texas, Philadelphia and Charlotte, NC.
Wells said 7.22% of the first mortgage and home equity loans serviced in-house were past due or in foreclosure during the first quarter compared to the industry average of 10.27% (according to media reports) and down from Wells Fargo’s peak of 8.86% in the fourth quarter of 2009.
In the first quarter of 2011, about 93% of Wells Fargo’s mortgage customers remained current on their loan payments in part due to the aggressive approach to customer education and counseling.
Wells closed 704,869 active trial and completed modifications between January 2009 and July 2011, of which 85% were in-house modification programs and 15% were done through the Home Affordable Modification Program.
Daily Briefing | Friday, September 9, 2011
FHFA May Raise HARP LTV Threshold
The Federal Housing Finance Agency is looking at raising the 125% LTV cap on refinancing underwater borrowers while considering other enhancements to the Home Affordable Refinancing Program, according to agency acting director Edward DeMarco.
MGIC Wants to Shed Units
MGIC is in discussions to sell its eMagic unit as well as its Myers Internet business, a company spokeswoman confirmed. The pair contributes minimal revenue to the company and it has made a strategic business decision to try and divest them, she said.
Morgan Taking Bids on Saxon
Morgan Stanley Co. this week took bids on its residential servicing division, Saxon Mortgage, Ft. Worth, Texas, which holds $28 billion of contracts on its books, according to MA officials.
Ten-Year Yield Drops Back Near Tuesday’s Low
Further European concerns by around noon on Friday had brought the rate-indicative 10-year Treasury yield back down near record lows seen earlier in the week and had had a somewhat mixed effect on industry stocks, some of which fared relatively well considering the Dow had dropped more than 300 points.
White House Identifies Needed Fixes to HARP
Obama Administration officials have identified several constraints on the HARP program — including mortgage buyback risk — that are keeping Fannie Mae and Freddie Mac seller/servicers from refinancing underwater borrowers.
Darker Economic Outlook Brightens Mortgage Revenues
The size of the economic lift from any program to streamline refinancings is debatable, but the plunge in interest rates is already fattening mortgage production revenues.
Obama Refi Plan Details Coming Later This Month
Although President Obama Thursday night made a slight reference to a government-backed refi plan for troubled mortgagors, the effort appears to be temporarily stalled over concerns about what effect it would have on both MBS investors and the megabanks, according to advisors and trade group sources who claim to have knowledge of the program.
PHH Servicing Production Cheaper Than Buying
PHH Corp., Mt Laurel, N.J. is the only independent mortgage loan servicer that can internally generate new unpaid principal balances for its platform and thus its loan production unit can generate MSRs at a discount compared to the cost to purchase them, an analyst for Sterne Agee said.
Freddie Won’t Fire Sale Foreclosed Homes
Freddie Mac said it will not dramatically discount its backlog of foreclosed homes, arguing that such steep price cuts could destroy the housing market.
Senate Panel Passes Flood Extension
The Senate Banking Committee last this week approved a bi-partisan bill to reform the National Flood Insurance Program, extending it out for five more years.
Warren Keeps Up Pressure in CFPB Fight
Elizabeth Warren has headed back to Massachusetts, but she remains engaged in the partisan fight in Washington over the Consumer Financial Protection Bureau.
Title Insurers Look to Cost Cutting
The presentations of three national title insurance underwriters at the Keefe Bruyette Woods insurance conference held on Wednesday concentrated on the importance of focusing on profitability in the current real estate market, analyst notes said.