What Do Lenders Want and When Do They Want It?

Submitted by mschuster on Thu, 10/29/2009 - 8:39am
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At every RESPA Reform seminar we teach and especially at ALTA's Annual Conference last week, the burning question was "What Do Lenders Want and When Do They Want It?"  Wells Fargo has announced that December 5th is their Go Live date for 2010 GFEs (loan applications taken on or after Dec 5).  Wells Fargo is leading the way ... so we thought it would be good to ask them what they'll want and when they'll want it.  Linked here are some of their answers.  Be sure to notice their need for accurate, precise and early information as well as discussion TODAY about how business will flow for 2010 RESPA transactions tomorrow.  But then, you're RESPA Ready, so you're well on your way!

Comments

WF message to Title Companies 12/2/09

Submitted by Charlotte on Thu, 12/03/2009 - 1:35pm.

If the new RESPA Reform HUD-1/HUD-1A is received from Wells Fargo, the loan must close using the new HUD-1/HUD-1A.

If the new RESPA Reform HUD-1/HUD-1A is NOT received from Wells Fargo, the loan must close using the existing (former) HUD-1/HUD-1A

The above statement is inaccurate in as far as HUD requires the new 2010 HUD to be used if the new GFE is used. This email message makes me ask the following question: If WF submits a new 2010 HUD on a file that they have an OLD GFE, can the new 2010 HUD be done?