Wells Fargo said Wednesday it’s close to meeting 100% monthly mortgage payments for about 2.7 million of its customers in the United States.
The bank said it is aiming to meet the milestone by the end of March, the same date as Wells Fargo announced that it had reached a $10 billion settlement with the Department of Justice.
Wells Fargo also said that it will pay $5.8 billion in fines to investors for misleading investors.
The company said that the loan growth it had expected was exceeded by the growth of mortgages issued during the crisis, which was triggered by a surge in foreclosures.
The lender said it has about 2 million mortgages in its portfolio and is forecasting to have more than 1 million by the time it reaches the target.
The bank has been criticized for making unrealistic and misleading mortgage growth predictions, saying that it was not realistic.
The Wells Fargo CEO also defended the company’s decision to sell billions of dollars in Wells Fargo’s mortgage business to Ally Bank, saying the move is designed to create “more value for the American consumer.”
“Today, Wells Fargo is focused on our financial and operational results and will continue to deliver our shareholders and customers the best products and services,” said Wells Fargo chief executive officer John Stumpf in a statement.
The announcement comes as Congress is debating a bill that would require Wells Fargo to disclose how many people in its workforce were employed by a mortgage lender during the housing crisis.
The House Financial Services Committee will hold a hearing on the measure later this week.
The bill has received the backing of several mortgage lenders, including Fannie Mae and Freddie Mac, but opponents have pointed out that the mortgage-servicing giant is not required to disclose such information.