Thursday, February 20, 2014

Wells Fargo Fee Details Form Approved



















Wells Fargo Fee Details form in idsDoc:

Ahead of the January 2014 Dodd-Frank changes, Wells and a few other investors created forms required with the origination of most loans beginning on or after January 10, 2014. One of the forms which has rapidly gained industry-wide notoriety is the Wells Fargo Fee Details Form. Soon after the release of this form, IDS began coding the document to function with IDS’ proprietary software. IDS also began communicating with Wells Fargo regarding our version of the form. On February 06, 2014, Wells Fargo published in Newsflash its approval of the IDS coded version of its Fee Details form. IDS has also coded and implemented many other investor required forms related to Dodd-Frank, including forms required by: Chase, Franklin American, BB&T, and Bank of Internet.

IDS Client-Specific Updates:
    
  1.  January 20, 2014 – the IDS Compliance Department removed the RESPA Servicing Disclosure from closing packages and second liens. IDS made this change to eliminate confusion around the required timing of this disclosure. This form is only required on 1st Liens. Also this form is required within 3 days of application. See §1024.21(b) and §1024.33(a) for details. If a client wants the form in non-1st lien initial packages or closing packages, please send a request to service@idsdoc.com.
  2. February 10, 2014 – the FHA Informed Consumer Choice Disclosure requires an annual review and update. IDS usually performs its annual review of this document in March. This year, however, IDS performed its annual review and update in February. This year, IDS created an option on the FHA page of Settings, located on the IDS website, where customers can select either a 95% or a 97% LTV for the conventional financing with MI example column.


If you are an IDS Client, please log in to see these updated documents as well as additional compliance resources.