March 17, 2015
The August 1, 2015 implementation date for the CFPB’s new mortgage disclosure rules is becoming closer to reality every day. Wells Fargo has asked us to forward the attached bulletin with important information on how they are planning to implement the August 1st changes. Wells has been consistent in their commitment to continuing to work with independent agents, but they are also making it clear that they expect independent agents to comply with the requirements on the new disclosure process, in addition to Wells Fargo’s closing requirements and the ALTA Best Practice standards.
The Wells Fargo bulletin includes a review of information previously published around their expectations and new information about the platform the bank will be using to exchange information with agents, “Closing Insight.” Their stated goal is to have this platform be the standard for interactions with agents rapidly, though they have “not yet mandated” its use by August 1st. Please review the bulletin carefully, so you have a full understanding of Wells Fargo’s expectations.
ATGF is here to provide you with the resources, tools and technology to help you deal with this rapidly changing environment and stay in the game. Please contact Jennifer Williams (email@example.com) for information about preparing for the new disclosure process and Deb Hall (firstname.lastname@example.org) for information about Best Practices implementation.