AR Operations Summary

From WFG Wiki

Licensed Entity:

WFG LENDER SERVICES, LLC

  • See Attached HUD Sample for Additional Information

Banking Information

  • Bank Account/LS 634084476/Chase Bank
  • Good Funds Law $500
  • Disbursements Requirements <<INSERT IF WFG REQUIRES CD?>>
  • Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) No

Escrow/Settlement

  • Who can prepare the HUD Not restricted
  • Who can sign the HUD (EO/LTP/Attorney) Not restricted – need confirmation from Ken
  • Who orders hazard insurance Customary -
  • When is transaction consummated for new HUDS
  • Record before/after disburse After disbursement
  • Filed/restricted escrow rates No
  • Record retention requirements
  • Is an attorney involved in the closing No
  • Who can handle loan document signing Notary permitted
  • Doc Prep Restrictions Fill in blanks on standard forms permitted if no charge
  • Use Escrow Instructions or not No
  • Use Estimated HUD or Final Final
  • Pass-thru charges Not restricted
  • Rates Inclusive or not Not inclusive
  • Up Charging Not restricted
  • Junk Charges Not restricted
  • Special HUD Requirements None
  • Special Disclosures No
  • CPL Yes
  • UPL Issues No
  • Joinder of non-titled spouse Yes
  • Survey Required
    • Purchase – No for platted residential
    • Refinance – No

Audits

  • Required Annual Underwriter Audit required

Recording Process

  • E-recording County list of e-recording attached
  • Record before disbursement Disburse first
  • Special recording procedure Record in office of circuit clerk

Recording/Document Requirements

  • Marital Status Stated
  • Transfer Tax -- Yes, uniform across state at $3.30 per thousand.
  • Mortgage Tax -- No
  • Address for grantor/grantee/property
  • Witnesses
  • Names typed/printed -- Yes
  • Prepared by/return to “This instrument prepared by:” Required on first page with name, address & phone number
  • Notary Stamp/requirements Name printed or typed, date of expiration and stamp or seal
  • Parcel or tax index number
  • Recitation of Consideration
  • Derivation Clause Required
  • Corporate Signatures/Attestation
  • Ink Color/Font
  • Legal Description
  • Margins
  • Other Special Recording:

Document Types

  • Conveyance -- Warranty Deeds and Limited Warranty Deeds are predominantly used. QC Deeds are generally used for curative work.
  • Security Instrument --Mortgages
  • Release -- Only the lender or a duly authorized servicing entity can release the lien.

Tenancies

  • Tenants in Common -- Yes
  • Joint Tenants -- Yes
  • Tenancy by Entireties -- Yes
  • Community Property -- No
  • Homestead -- Yes
  • Joinder of Non-titled Spouse -- Required. Non-title holding spouses should always join in to release dower, curtesy and homestead. Exception when one spouse holds title as Joint Tenants with Right of Survivorship with a person other than the spouse.

Taxes

  • Taxes Levied
  • Taxes due 3/1 thru 10/10
  • Delinquent After 10/10

Commitment/Policy Special Requirements

  • Who can sign Commitment/Policy Policy must be countersigned by resident licensed title agent – need confirmation from Ken
  • Other

Payment Customs

  • Seller customarily pays Owners Policy
  • Buyer pays Transfer taxes and recording fees
  • Buyer pays survey charges
  • Closing/Settlement fee split between buyer and seller.

Post Closing Requirements

  • Recon follow up required


Based on Information by Deb Everett Summer 2014