CHARLOTTE, N.C., June 30 /PRNewswire-FirstCall/ -- Wachovia Corp. today announced it is taking a number of actions to help its mortgage customers deal with a challenging economy and declining home values.
Effectively immediately, Wachovia is waiving all prepayment fees associated with its Pick-A-Pay mortgage to allow customers complete flexibility in their home financing decisions. This includes all Pick-A-Pay mortgages on 1-4 unit residences.
Additionally, for all new loan originations, Wachovia is discontinuing offering products that include payment options resulting in negative amortization.
Wachovia continues to be actively engaged in assisting customers through a number of programs to provide mortgage relief to help them avoid foreclosure. Over the past 12 months, Wachovia has worked with approximately 18,000 homeowners to help them stay in their homes and make payments that are more manageable under their current circumstances.
"Wachovia is committed to serving our customers and ensuring they not only have the right product to meet their needs, but also the resources available to help them during these challenging times," said David Pope, president of Wachovia Mortgage. "Proactively waiving prepayment fees for our Pick-A-Payment mortgage products gives our customers the freedom to manage their current financial situation more effectively."
Wachovia will continue to offer a variety of portfolio, marketable and government products through Wachovia Mortgage employees, third party brokers and via telephone and the Internet in order to accommodate customer needs.
"This move is consistent with our long tradition and steadfast commitment to listening to our customers," said Tim Wilson, head of Loan Origination for Wachovia Mortgage. "Wachovia continues to provide them with a variety of products to meet their needs in varying economic conditions."
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, with assets of $808.9 billion and market capitalization of $53.8 billion at March 31, 2008. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 3,300 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $1.1 trillion in client assets through 18,600 registered representatives in 1,500 offices nationwide. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.
Source: Wachovia Corporation
