After its executives insisted during last week's earnings call that its foreclosure practices were sound, Wells Fargo late Wednesday said it planned to correct and resubmit up to 55,000 improperly filed documents by mid-November.
The nation's second largest residential servicer said recent reviews conducted by the company found that its mortgage employees had failed to "strictly adhere" to required procedures during a final step in its documentation processes. It added that "some aspects of the notarization process" had not always been properly followed, creating the potential for paperwork errors.
Still, Wells noted that it does not believe any of these "oversights led to foreclosures which should not have otherwise occurred."
During the Oct. 20 call with analysts and members of the media, Wells executives insisted that its foreclosure practices were sound. "Our affidavits are properly authorized," said company CFO Howard Atkins.
Speaking to analysts last week, Wells downplayed the bank's exposure to the foreclosure crisis.
