WFG Lender Services to offer flat fee on HARP refis in most states
[Update 1: Corrects description of WFG Lender Services] California-based WFG Lender Services will offer flat fees on refinancing in most states through the Home Affordable Refinance Program likely within days, according to a senior official with the company. The fees will be substantially lower than before possibly up to 40%, said Bill Moody, executive vice president of Williston Financial Group, which owns WFG Lender Services. The exact rate will depend on the jurisdiction, Moody said, and is affected by title costs and conforming loan limits. He said WFG will offer flat fees in about 40 states with others excluded because of regulatory reasons. WFG, a title insurance/closing/settlement services company, will make less money charging the flat fee, but Moody said the company hopes it'll make for more closings. "It's kind of like giving back," Moody said. "We want this HARP to work." Moody did not disclose how many loans the private company refinanced in 2010, but said WFG completed "thousands of refis." The company employs more than 300 with national processing offices in California and Texas, Moody said. Write to Andrew Scoggin. Follow him on Twitter @ascoggin.