Wells Fargo to update foreclosure docs
29.10.2010 00:00
Wells Fargo to update foreclosure docs
By , senior writerOctober 27, 2010: 8:11 PM ETNEW YORK (CNNMoney.com) -- Wells Fargo, which until now said it stood behind its foreclosure processes, said Wednesday it would submit additional paperwork in 55,000 foreclosure cases pending before the courts.
The loan servicer, which has been reviewing its procedures since the broke last month, said it has identified instances where a final step in its foreclosure affidavit process did not adhere to its required policies.
The problems do not compromise the quality of the customer and loan data, the servicer said, and did not lead to improper foreclosures.
The servicer wants "to do everything we can to assure that the procedures we have in place provide Wells Fargo borrowers and others with confidence that foreclosure proceedings we initiate are done appropriately," said Mike Heid, co-president of Wells Fargo Home Mortgage.
Wells Fargo (, ) is the latest bank to acknowledge problems in its foreclosure processes. Bank of America (, ) said last week it would in 102,000 cases. At least have announced their own document reviews.
Wells Fargo said it will start submitting supplemental affidavits immediately and hopes to complete the process by mid-November. If it is unable to update before the case comes before a judge, it will request an extension.
However, Wells Fargo once again said that it does not plan to institute a moratorium on foreclosure sales.
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