AR Operations Summary

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