Wells Fargo Launches Mortgage Industry's First Comprehensive Program To Help Nonprime Customers Achieve Financial Goals

 

DES MOINES, Iowa – Dec. 5, 2006 –Wells Fargo & Co. (NYSE: WFC) today announced the launch of the industry’s first comprehensive program to help mortgage customers manage their credit standing and achieve their financial goals.  The program, called Steps To SuccessSM,  is the first comprehensive outreach program designed to serve the needs of nonprime mortgage loan customers.

The free program provides customers clear and understandable learning resources, direct contact with credit report and financial strategy specialists, and advice on automatic banking services that promote effective money management.  Eligible customers are automatically enrolled once their loan is funded.

At the point of funding, customers are invited to call a toll-free number to activate Steps To Success. Dedicated specialists are available to provide information about the tools and services available through the program and multiple outbound efforts are also conducted. The program includes:

  • Credit education specialists who provide insights on understanding thecredit report and how to address any issues with it;
  • Consumer-friendly, bilingual financial educational assistance through Wells Fargo’s Hands on Banking®/ El futuroen tus manos®, a nationally recognized financial literacy program about establishing credit, budgeting and other financial strategies which is  available online, or which can be provided via CD-ROM or in printed curriculum at no cost;
  • Two free, easy-to-read credit reports – one immediately and one in 12 months that includes personal credit scores;
  • Information about automatic banking services and payment products that have proven to be valuable tools in helping customers achieve responsible money management. 

“Steps To Success is further evidence of our strong commitment to our Responsible Lending principles,” said Stephanie Christie, head of Wells Fargo Home Mortgage’s retail nonprime lending business.  “It demonstrates how we want to work with our customers every step of the way to help them achieve their personal and financial goals through sustainable homeownership. “With Steps To Success, our customers will know that we will work with them to create solutions if they have less-than-perfect, or not well established, credit or have other reasons to choose a nonprime loan.”

“Through research, we found that some consumers hesitate to seek financial guidance because they find the process intimidating and the information confusing and potentially costly,” said Tom Shippee, Wells Fargo Financial president and chief executive officer.  “Steps To Success can help overcome these barriers in a way that is easy for customers to use and gives them more confidence in their ability to manage their finances.”

Wells Fargo announced the concept and committed to launch Steps To Success at a national housing symposium in Washington, D.C. in June. Since then the company has refined the program and put in place its various elements.

Wells Fargo & Company is a diversified financial services company with $483 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,100 stores and the internet () across North America and elsewhere internationally. Wells Fargo Bank, N.A. has the highest possible credit rating, "Aaa," from Moody's Investors Service and the highest credit rating given to a U.S. bank, "AA+," from Standard & Poor's Ratings Services.