Wells Fargo Home Mortgage and a subsidiary America’s Servicing Company in a conversation today they advised that they accept payment by phone as certified funds. In essence a payment by phone is not a form of certified funds but would be acceptable. This came directly from the “High Escalation” department supervisor so as for a source it seemed viable. They further advised that they mainly ask for the funds to be Western Union when there is a request for a cash contribution was needed to be sent in. We requested further details and they advised that the certified funds came into play if in order to stop the sale date on a property or were needed at the conception of a loan modification.
Most lenders and mortgage servicers do not subscribe to this same train of though and it is possible that in the future Wells Fargo might not either. One way or another if you have them as a lender this is one less thing you have to do when you are jumping through hoops.
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