Wells Fargo Announces Org ID Change

Wells Fargo Announces Org ID Change

If you sell loans to Wells Fargo please read the following announcement
(partial recap from Wells Fargo NewsFlash February 21, 2011 | C11-009)
Wells Fargo MERS® ID Change - Effective March 4, 2011
 

As a result of streamlining work processes, Wells Fargo will begin using a new ORG ID number when transferring beneficiary and servicing rights in the MERS system.

 

This change is effective for all loans purchased on or after  March 4, 2011.

 

Sellers should notify their shipping department to begin entering Wells Fargo ORG ID

1005298 for loans purchased on and after March 4, 2011.

 

Seller should notify their shipping department to continue using Wells Fargo ORG ID

1000113 for loans purchased prior to March 4, 2011.

  

This announcement amends the Seller Guide including Section 505.15 and 565.05.

 

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It is very easy using eRAMP to comply with Wells Fargo's request. Follow these instructions on March 4th BEFORE importing loans for Transfer of Rights:

  1. Select Settings from the eRAMP top menu
  2. Select Investor from the Settings Menu
  3. Select Investor Wells Fargo Org ID 1000113 and click Edit
  4. Change Org ID from 1000113 to 1005298 and click Apply to save the change

This completes updating MERS Org ID. All loans imported with Wells Fargo will have the new Org ID.


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