Wells Fargo Institutes New Process to Receive Seller CE

September 27, 2016

Wells Fargo reminded settlement agents that it needs a copy of the seller’s Closing Disclosure on all purchase transactions.

In its latest newsletter to settlement agents, Wells Fargo announced that it must receive a copy of the seller’s Closing Disclosure prior to authorizing disbursement.

“This means that a copy of the seller CD must now be provided to the Wells Fargo closer along with other ‘prior to disbursement’ documents specified in the Transactional Loan Closing Instructions,” Wells Fargo wrote in its newsletter.

The lender also reminded settlement agents that settlement agents must inform Wells Fargo of any changes that affect the borrower’s Closing Disclosure or transaction details. Requirements for handling changes are included in Wells Fargo’s master closing instructions.

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