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.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.45%||3.48%|
|15 yr fixed||2.70%||2.72%|
|30 yr refi||3.47%||3.51%|
|15 yr refi||2.72%||2.74%|
Today's featured rates:
Elizabeth Warren fired off a letter on Thursday asking Wells Fargo whether new CEO Tim Sloan played a role in the bank's creation of as many as 2 million fake accounts. More
U.S. attorney Preet Bharara spoke to a room full of bankers about the importance of integrity in the financial system. More
Betabrand throws a fashion show in Silicon Valley that trots out startup-friendly styles More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
The University of Illinois partnered with Coursera to launch one of the most affordable online MBA programs yet. More