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 | 3.75% | 3.66% | |
| 15 yr fixed | 2.89% | 2.79% | |
| 5/1 ARM | 2.66% | 2.59% | |
| 30 yr refi | 3.74% | 3.64% | |
| 15 yr refi | 2.89% | 2.79% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 15,303.10 | 8.60 | 0.06% |
| Nasdaq | 3,459.14 | -0.28 | -0.01% |
| S&P 500 | 1,649.60 | -0.91 | -0.06% |
| Treasuries | 2.01 | -0.01 | -0.59% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 13.24 | 0.03 | 0.23% |
| General Electric Co | 23.53 | -0.13 | -0.55% |
| Pfizer Inc | 29.04 | -0.07 | -0.24% |
| Microsoft Corp | 34.27 | 0.12 | 0.35% |
| Intel Corp | 23.92 | -0.13 | -0.53% |
|
The fuss over Apple's complex strategies to avoid taxes put the corporate tax code on display in all its convoluted glory this week. More |
The 79 tornadoes that hit over three days in 10 states caused billions in losses, with most of damage concentrated in Moore, Oklahoma. More |
Users are flocking to a new email program. More |
Vermont, a patent-rich state, is cracking down on so-called "patent trolling," a growing problem for entrepreneurs nationwide. More |
New residents are flocking to these 10 cities, which added the largest number of people between July 2011 and July 2012, according to Census Bureau. More |
.
