ID Operations Summary

From WFG Wiki

Licensed Entity:

(02/11/2015)

WFG National Title Insurance Company (closing only - must be an insured transaction) WFG Lender Services, LLC (ID licensed escrow company)

Banking Information

(02/11/2015)

  • Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
  • Checks stale dated after -- ___ days of issuance
  • Good Funds Law -- Yes
  • Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
  • Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- Must be domestic bank

Escrow/Settlement

(02/11/2015)

  • Who can prepare the HUD -- Escrow Officer
  • Who can sign the HUD (EO/LTP/Attorney) -- Escrow Officer
  • Who orders hazard insurance -- Customary – consumer
  • When is transaction consummated for new HUDS -- Recording
  • Record before/after disburse -- Record first
  • Filed/restricted escrow rates -- Yes – filed by agents
  • Record retention requirements -- 5 years for title and escrow
  • Is an attorney involved in the closing -- No
  • Who can handle loan document signing -- Notary
  • Doc Prep Restrictions -- Doc prep is not UPL
  • Use Escrow Instructions or not -- Yes
  • Use Estimated HUD or Final -- Final
  • Pass-thru charges -- Filed rates
  • Rates Inclusive or not -- Inclusive of search and exam
  • Up Charging -- Filed rates
  • Junk Charges -- Filed rates
  • Special HUD Requirements -- No
  • Special Disclosures --
  • CPL -- No charges for CPL
  • UPL Issues -- No
  • Joinder of non-titled spouse -- Yes
  • Survey Required -- Purchase – yes for extended coverage

Refinance – no

Audits

(02/11/2015)

  • Required -- ID DOI requires a DOI audit every 3 years – paid for by agent

Recording Process

(02/11/2015)

  • E-recording --
  • Record before disbursement -- Yes
  • Special recording procedure --

Recording/Document Requirements

(02/11/2015)

  • Marital Status Stated -- Yes
  • Transfer Tax -- No
  • Mortgage Tax -- No
  • Address for grantor/grantee/property -- Property – Yes
  • Witnesses -- -- Not required on deed or security instrument. document must be properly acknowledged for recording. IC 55-805.
  • Names typed/printed -- Yes
  • Prepared by/return to -- Yes
  • Notary Stamp/requirements -- Stamp required
  • Parcel or tax index number --
  • Recitation of Consideration --
  • Derivation Clause --
  • Corporate Signatures/Attestation --
  • Ink Color/Font -- Blue – no specific font
  • Legal Description --
  • Margins -- Space for recorders stamp on 1st page
  • Other Special Recording: --

Document Types

(02/11/2015)

  • Conveyance -- Warranty Deed, Special Warranty Deed, Quit Claim Deed, Grant Deed
  • Security Instrument -- Mortgage or Trust Deed (DT under 80 acres IC 45-1502(5))
  • Release -- Release or Satisfaction

Payment Customs

(02/11/2015) Under terms of the standard Purchase Contract, seller pays for the owner’s policy. The seller and buyer will pay for their respective recording fees and escrow fees.

Tenancies

(02/11/2015)

  • Tenants in Common -- Yes
  • Joint Tenants -- Yes
  • Tenancy by Entireties -- Not recognized
  • Community Property -- Yes
  • Homestead -- Yes
  • Joinder of Non-titled Spouse -- Yes

Idaho is a community property state, so non-title spouse must join in the execution of deeds or security instruments on all community property. Because of difficulty in determining community property status, custom to have a non-title spouse either join in the execution of a deed or security instrument or separately convey.

Taxes

(02/11/2015)

  • Taxes Levied -- 1/1
  • Taxes due -- 1st half due Nov. 20th/2nd half due June 20th
  • Delinquent -- 1st half delinquent Dec. 20th/2nd half June 20th

Commitment/Policy Special Requirements

(02/11/2015)

  • Who can sign Commitment/Policy -- A person, partnership, corporation or agency owning & maintaining a complete set of tract indexes or abstract records of the County in which such property is located. IC 41-2702
  • Other --

Post Closing Requirements

(02/11/2015)

  • Recon follow up required -- Yes