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||3.92%||3.97%|
|15 yr fixed||3.00%||3.08%|
|30 yr refi||3.99%||4.02%|
|15 yr refi||3.10%||3.16%|
Today's featured rates:
Berkshire Hathaway CEO Warren Buffett released his 50th annual letter to shareholders. The Oracle of Omaha thinks the next 50 years will be great and knows who will replace him. More
Potential presidential candidate says that improvement in unemployment rate is due to millions of jobless not being counted. More
These people say they've already finished watching all 13 episodes of the new season of 'House of Cards.' More
A social media frenzy about the color of a dress is bringing fame and fortune for one small British fashion company. More