That is because a mortgage late is VERY severe. It is the worst type of late payment you can have. You are asking one mortgage company to give you a mortgage when you recently missed a payment with another mortgage company.
If you have received a loan modificaiton, there are going to be other restrictions on your future ability to purchase. To get a modification, you generally need to show a hardship. Some type will have to pass from the time the modification was completed.
It sounds to me like Wells Fargo is just following standard industry guidelines.
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