- Language: English
- Published: November 2012
Servicer Evaluation: Wells Fargo Home Mortgage
- ID: 1791439
- May 2011
- Standard & Poors
The rankings are ABOVE AVERAGE for Wells Fargo Home Mortgage (WFHM), a division of Wells Fargo Bank N.A., which is a subsidiary of Wells Fargo & Co., as a residential mortgage servicing and residential mortgage subprime servicing. The rankings reflect our belief that WFHM no longer demonstrates the highest ability (per our criteria), and efficiency in managing its large and diverse mortgage portfolio. Through an October 2010 press release, the company acknowledged that it identified procedural deficiencies in its submission of foreclosure affidavits. Out of caution, the servicer has indicated it will resubmit affidavits on approximately 55,000 accounts (the company later reduced this number due to payoffs, modifications, etc.) affecting 23 states. Management has provided Standard & Poor's with a...
Companies mentioned in this report are: Wells Fargo Home Mortgage
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Wells Fargo Home Mortgage