Company continues work to ensure active-duty servicemembers are aware
of residential real estate loan benefits
Comparing all residential real estate loans it services to the Defense
Manpower Data Center (DMDC) database on a quarterly basis to
proactively identify active-duty servicemembers who may be eligible
for benefits and protections under SCRA;
Proactively reaching out to potentially eligible active-duty
servicemembers identified through the DMDC database through a variety
of methods to inform them of the benefits available under SCRA and how
to apply for them; and
Working across the industry with other servicers to develop simplified
processes and procedures that make it easier for active-duty
servicemembers to request the real estate loan protections under SCRA.
DES MOINES, Iowa--(BUSINESS WIRE)--
In conjunction with President Barack Obama’s administration, Wells Fargo
& Company (NYSE:WFC) today announced it will join with other mortgage
servicers in an initiative to help active-duty military mortgage
customers understand and take advantage of the financial benefits
available to them under the Servicemembers Civil Relief Act (SCRA).
“We are honored to serve the financial needs of military members, and we
are committed to making all of our active-duty servicemember customers
aware of the residential real estate mortgage protections available to
them,” said Michael DeVito, head of servicing for Wells Fargo Home
Mortgage. “These initiatives enhance our ability to inform active-duty
servicemembers about SCRA and provide them the benefits they deserve.”
Under SCRA, active-duty servicemembers are eligible for financial
benefits and foreclosure protections on loans taken out prior to active
duty military service. According to a January 2014 report from the U.S.
Government Accountability Office (GAO), however, many eligible
servicemembers are not requesting the financial benefits available to
them for residential real estate loans. The GAO report recommended that
additional efforts be made to educate servicemembers and to encourage
them to take advantage of their SCRA benefits.
As part of its commitment to helping servicemember mortgage customers,
Wells Fargo has implemented additional processes and procedures for
military customers, including:
Wells Fargo also provides mortgage benefits and protections for
servicemembers over and above what the law requires, including reducing
their interest rates to 4 percent per year on first lien consumer real
estate loans that the company owns and that otherwise qualify for
benefits under SCRA, mortgage assistance if needed, and foreclosure
protection not covered by SCRA.
For more information on Wells Fargo’s banking and financial services for
military members, visit https://www.wellsfargo.com/military/.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified,
community-based financial services company with $1.6 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through more than 9,000 locations, 12,500 ATMs, and the internet
(wellsfargo.com), and has offices in 36 countries to support customers
who conduct business in the global economy. With approximately 265,000
team members, Wells Fargo serves one in three households in the United
States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014
rankings of America’s largest corporations. Wells Fargo’s vision is to
satisfy all our customers’ financial needs and help them succeed
financially. Wells Fargo perspectives and stories are also available at blogs.wellsfargo.com
and at wellsfargo.com/stories.
Wells Fargo & Company
Tom Goyda, 314-875-8222
Source: Wells Fargo & Company