NEW 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 foreclosure paperwork fiasco 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 (WFC, Fortune 500) is the latest bank to acknowledge problems in its foreclosure processes. Bank of America (BAC, Fortune 500) said last week it would file new affidavits in 102,000 cases. At least five other major servicers 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. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.88% | 3.85% | |
| 15 yr fixed | 3.16% | 3.14% | |
| 5/1 ARM | 2.84% | 2.84% | |
| 30 yr refi | 3.95% | 3.93% | |
| 15 yr refi | 3.25% | 3.24% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 12,984.69 | 46.02 | 0.36% |
| Nasdaq | 2,956.98 | 23.81 | 0.81% |
| S&P 500 | 1,363.46 | 5.80 | 0.43% |
| Treasuries | 1.98 | -0.02 | -1.05% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 8.02 | 0.07 | 0.88% |
| Sprint Nextel Corp | 2.52 | 0.29 | 13.00% |
| Hewlett Packard Co | 27.05 | -1.89 | -6.53% |
| General Electric Co | 19.31 | 0.09 | 0.47% |
| Pfizer Inc | 21.03 | -0.33 | -1.54% |
|
The positions will be eliminated by June of next year and represent 10% of the company's non-manufacturing workforce. More |
The U.S. Postal Service announced on Thursday it would be consolidating or closing 223 mail processing plants. Some 35,000 jobs are at stake. More |
The Chinese multinational networking and telecommunications company has gotten into plenty of scrapes with American firms. Now, it wants competitors to know it isn't going anywhere. More |
As domestic production picks up, states such as Indiana, Utah and Idaho are speeding up recruiting efforts to bring in more manufacturers. More |
Unclaimed refunds are waiting for the 1 million people who haven't filed federal income tax returns for 2008. More |
.
