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Notes from Tim Disbrow, VP for Wells Fargo

For those that missed Tim Disbrow, VP of Loans for AZ/NM for Wells Fargo, here are some highlights (specifically in reference to the email that became viral last week):

Joe O Hahn, SR VP of Wells Fargo Loss Mitigation had these statistics:

  • 91% of their loans in the valley are current
  • Nationwide – they service 1 out of every 6 loans – 9 million loans
  • 65% of loans serviced by Wells Fargo are FNMA, Freddie Mac, GNMA
  • 20% are owned by Wells Fargo
  • 15% are owned by private investors
  • 8% of wells loans nationwide are delinquent (which is a low number compared to BofA, Chase)
  • Said they have helped over 500,000 people do loan mods or workouts – only 13% throu HAMP – only about 19% of their Wells Fargo loans are HAMP eligible
  • They are doing some principal reduction if it’s a Pick & Pay loan (if the homeowner had a negative am loan)
  • FHA and VA loans are not HAMP qualified

Diana Stauffer, a VP, and Tracy King, with the Short Sale team for Arizona  (if the loans are Wells Fargo loans) had some numbers:

            Nationwide median sale prices:

  • $289,700 – non-distressed properties – spread out equally between all buying groups, investors, first time homebuyers, etc.
  • $213,900 – short sales – 46% are first time homebuyers with FHA financing
  • $184,900 – move-in condition REO properties – spread out equally across board
  • $113,900 – damaged REO’s – 57% are investor purchased – mostly cash

REGARDING E-MAIL that was sent out last week that became viral:

  • That e-mail was intended for just a very small select group of people whose short sales had already been postponed a number of times.  Each deal is different.  She said DELETE that e-mail!
  • Yes, they are trying to move forward with foreclosures in a more expedient manner – on their Wells Fargo portfolio loans, they will allow one 30-day postponement if there have not already been postponements, but they will be asking for documentation and want to make sure buyer’s loan is in place and that they’re ready to go
  • Wells Fargo is allowing loans for short sale sellers in just 2 years (also for deed in lieu – which they are going to be doing more of)