IN Operations Summary

Licensed Entity:

(02/11/2015)

WFG LENDER SERVICES, LLC (All entities must have a IN licensed title producers to handle transactions)

• See Attached HUD Sample for Additional Information: File:Indiana HUD-1.pdf

Banking Information

(02/11/2015)

• Bank account/LS -- 934084476/Chase Bank
• Good Funds Law -- <<INSERT ANY DE MINIMUS AMOUNT>>
• Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
• Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- NO

Escrow/Settlement

(02/11/2015)

• Who can prepare the HUD -- Licensed Title Producer
• Who can sign the HUD (EO/LTP/Attorney) -- Licensed Title Producer
• Who orders hazard insurance -- Customary -
• When is transaction consummated for new HUDS --
• Record before/after disburse -- Disburse then record
• Filed/restricted escrow rates -- No
• Record retention requirements --
• Is an attorney involved in the closing -- No
• Who can handle loan document signing -- Notary signing is permissible
• Doc Prep Restrictions -- Doc prep is UPL
• Use Escrow Instructions or not -- No
• Use Estimated HUD or Final -- Final
• Pass-thru charges -- Not restricted
• Rates Inclusive or not -- Not inclusive. Indiana is not a filed rate state. It is permissible to charge a separate search and/or exam fee.
• Up Charging -- Not restricted by state law
• Junk Charges -- Not restricted but should not be used
• Special HUD Requirements -- No
• Special Disclosures -- No
• CPL -- Yes
• UPL Issues -- Doc Prep is UPL
• Joinder of non-titled spouse -- No
• Survey Required --
  • Yes for purchase
  • No for refinance

Payment Custom

(02/11/2015)

• Seller pays for Owners Policy, in most but not all areas of the state.
• No transfer tax in Indiana. Seller customarily pays for recording fees for deed and title clearing. *Purchaser customarily pays for recording fees for mortgage.
• Payment of survey charge is negotiated in purchase agreement.
• Closing/Settlement Fees customarily split between Seller and Purchaser or negotiated in purchase agreement.

Audits

(02/11/2015)

• Required -- Title Division of the DOI does conduct audits

Recording Process

(02/11/2015)

• E-recording -- County list of e-recording attached
• Record before disbursement -- Disburse first
• Special recording procedure -- <<WALK THRU??>>

Recording/Document Requirements

(02/11/2015)

• Marital Status Stated -- Not required
• Transfer Tax -- No
• Mortgage Tax -- Yes
• Address for grantor/grantee/property --
• Witnesses -- Not required
• Names typed/printed -- Required -- must be identical throughout document
• Prepared by/return to -- Individual Preparer’s name and address must appear at end of document - special statement required (grantor or licensed attorney)
• Notary Stamp/requirements -- Stamp or seal required; County of residence beneath signature
• Parcel or tax index number -- Not required
• Recitation of Consideration --
• Derivation Clause -- Required
• Corporate Signatures/Attestation --
• Ink Color/Font -- Black/10 pt.
• Legal Description -- State/County/Municipality 1st paragraph
• Margins -- 2" top/bottom 1st & last page; 1/2" all others
• Other Special Recording: -- Sales Disclosure Form for Deeds; Auditor Fee
• Some Counties have multiple "Recording Districts" which require separate deeds and places of recording.

Document Types

(02/11/2015)

• Conveyance -- Warranty Deeds, Quit Claim Deeds
• Security Instrument -- Mortgage
• Release -- Release

Tenancies

(02/11/2015)

• Tenants in Common -- Presumed unless Husband and Wife
• Joint Tenants -- Must be expressly stated and negate TBE for married persons
• Tenancy by Entireties -- Presumed if Husband and Wife
• Community Property -- No
• Homestead -- No
• Joinder of Non-titled Spouse -- No joinder required. No dower or curtsey, or marital rights laws. Civil union is not recognized.

Taxes

(02/11/2015)

• Indiana real property taxes are taxed in arrears.
• Taxes Levied -- 3/1
• Taxes due -- 5/10 & 11/10
• Delinquent -- 5/11 & 11/11

Commitment/Policy Special Requirements

(02/11/2015)

• Who can sign Commitment/Policy -- Licensed Title Producer
• Other --

Post Closing Requirements

• Recon follow up required --