Fiserv Inc., based in Brookfield, Wis., says that Wells Fargo Funding, a division of Wells Fargo & Co., will now accept for purchase loans from correspondents and brokers that have electronic disclosures and 1003s delivered, tracked and electronically signed using the Fiserv eLending technology platform.
Electronic document delivery is increasing throughout the mortgage industry because it quickly engages the borrower in the lending process, assists lenders in meeting the three-day Real Estate Settlement Procedure Act requirements, and eliminates the fixed costs of courier delivery, Fiserv says.
As a major purchaser of loans, Well Fargo Funding has established internal standards to ensure that electronically delivered and electronically signed initial disclosures are legally binding. In agreeing to purchase loans, Wells Fargo Funding has determined that the Fiserv eLending platform provides the right level of borrower security and document audit trails required to meet risk tolerances for secondary market loan purchases.