What Do You Think About Wells Fargo's Plan to Produce and Deliver Closing Disclosure?

Since the Consumer Financial Protection Bureau released its final rule for the new integrated mortgage disclosures, which go into effect Aug. 1, 2015, many title professionals have asked:

• Who will prepare the Closing Disclosure?
• Who will deliver the Closing Disclosure?
• How will processes change to enable delivery of the Closing Disclosure to the customer for  receipt at least three business days prior to closing?

In its quarterly newsletter to settlement agents, Wells Fargo answered how it plans to handle the Closing Disclosure. The lender said that due to creditor liability of the Closing Disclosure it plans to produce and deliver the Closing Disclosure to the borrower.

Wells also stated that it values its local business partners and plans to continue collaborating with settlement agents to schedule and conduct closings. Wells Fargo is asking settlement agents to provide feedback on the information contained it is newsletter. Click here to take the survey.

Dan Mennenoh, chair of the Research Committee and president of Illinois-based H. B. Wilkinson Title Co., said Wells Fargo reached out to ALTA’s Research Committee to get feedback on which entity will prepare and deliver the Closing Disclosure. The lender also wants feedback on how processes will need to change in order to meet regulatory requirements that the borrower receive the form at least three days prior to closing.

ALTA appreciates Fargo’s initiative to get feedback from title and settlement agents and learn how the new Closing Disclosure will impact the closing process.

In its letter, Wells also stated that it values its local business partners and plans to continue collaborating with settlement agents to schedule and conduct closings. Wells Fargo is asking settlement agents to provide feedback on the information contained it is newsletter. Click here to take the survey. 

What are your thoughts on Wells' decision to handle production and delivery of the Closing Disclosure? Have you heard from other lenders on how they will handle the Closing Disclosure?