Mary Coffin

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Mary Coffin
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Mary Coffin

• EVP, Servicing
• Wells Fargo Home Mortgage

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Our Service Mission
We Serve Customers, Not Loans
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Responsible Servicing Principles

• We approach every interaction from the customers
  point of view putting his or her needs first
• We provide clear, simple and timely information
  to consumers, understanding how complex
  homeownership and financing can be
• We believe our customers deserve a dedicated and
  knowledgeable customer service team we strive to
  hire and retain the best
• We provide tools, services and information that
  help our customers manage their credit
• We believe in homeownership, and do all we can to
  keep people in their homes

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Applying Our Principles

• Demonstrates that we
• Know
• Understand
• Appreciate
• Reward
• . . . Our Customers!

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Scope of Our Mission

• 7.7 million Servicing customers
• Service loans
• Originated by Wells Fargo
• Brokers and correspondents
• Acquired Servicing
• Owned by investors
• 26,000 taxing authorities
• 500 insurance carriers
• 6,500 Servicing team members

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Segmentation
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Data Analysis Provides Insight for Future
Behavior

• About 77 of all ARMS will likely payoff prior
  to reset
• Of ARM loans that went to foreclosure, 81 of
  consumers were delinquent prior to the first
  reset
• Wells Fargo originated loans are 2x less likely
  to go into foreclosure, as compared to loans of
  non-regulated lenders

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How We Are Helping Our ARM Resetting Customers

• Reaching out months in advance of resets
• Communicating through all channels
• Tailoring messages to each customer segment
• Providing dedicated 1-800
• Segmented specialized service

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Our Customer Workout Options

• Repayment Plan
• Distribute delinquent payments over time,
  usually no more than 10 months
• Loan Modification
• Reduce interest rate
• Adjustable rate to a fixed rate
• Reduce principal owed
• Forgive past due amounts
• Extend amortization / loan maturity
• Short sale / Deed in lieu of foreclosure

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Recent Changes for Modification of Subprime Loans

• American Securitization Forum published
  principals and guidelines (June 6, 2007)
• Established common framework and language for
  the interpretation of loan modification
  provisions
• Enhances ability of mortgage servicers to focus
  more on helping customers versus interpreting
  contracts

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