--- ms-functions.php	2015-12-14 16:06:05.000000000 +-0200
+++ ms-functions.php	2016-02-18 10:40:24.000000000 +-0200
@@ -1453,18 +1453,12 @@
 --The Team @ SITE_NAME' );
 	}
 
 	$url = get_blogaddress_by_id($blog_id);
 	$user = get_userdata( $user_id );
 
-	$welcome_email = str_replace( 'SITE_NAME', $current_site->site_name, $welcome_email );
-	$welcome_email = str_replace( 'BLOG_TITLE', $title, $welcome_email );
-	$welcome_email = str_replace( 'BLOG_URL', $url, $welcome_email );
-	$welcome_email = str_replace( 'USERNAME', $user->user_login, $welcome_email );
-	$welcome_email = str_replace( 'PASSWORD', $password, $welcome_email );

 	/**
 	 * Filter the content of the welcome email after site activation.
 	 *
 	 * Content should be formatted for transmission via wp_mail().
 	 *
 	 * @since MU
@@ -1474,12 +1468,18 @@
 	 * @param int    $user_id       User ID.
 	 * @param string $password      User password.
 	 * @param string $title         Site title.
 	 * @param array  $meta          Signup meta data.
 	 */
 	$welcome_email = apply_filters( 'update_welcome_email', $welcome_email, $blog_id, $user_id, $password, $title, $meta );
+	$welcome_email = str_replace( 'SITE_NAME', $current_site->site_name, $welcome_email );
+	$welcome_email = str_replace( 'BLOG_TITLE', $title, $welcome_email );
+	$welcome_email = str_replace( 'BLOG_URL', $url, $welcome_email );
+	$welcome_email = str_replace( 'USERNAME', $user->user_login, $welcome_email );
+	$welcome_email = str_replace( 'PASSWORD', $password, $welcome_email );

 	$admin_email = get_site_option( 'admin_email' );
 
 	if ( $admin_email == '' )
 		$admin_email = 'support@' . $_SERVER['SERVER_NAME'];
 
 	$from_name = get_site_option( 'site_name' ) == '' ? 'WordPress' : esc_html( get_site_option( 'site_name' ) );