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||4.45%||4.49%|
|15 yr fixed||3.89%||3.91%|
|30 yr refi||4.45%||4.49%|
|15 yr refi||3.87%||3.90%|
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