UT Operations Summary

From WFG Wiki

Licensed Entity:

(02/11/2015)

WFG Lender Services, LLC (Must have resident employee)

Banking Information

(02/11/2015)

  • Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
  • Checks stale dated after -- ___ days of issuance
  • Good Funds Law -- $500 de minimus
  • Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
  • Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- Bank must do business in Utah

Escrow/Settlement

(02/11/2015)

  • Who can prepare the HUD --
  • Who can sign the HUD (EO/LTP/Attorney) --
  • Who orders hazard insurance -- Customary -
  • When is transaction consummated for new HUDS --
  • Record before/after disburse -- ???
  • Filed/restricted escrow rates -- If yes, see <<HUD OR SEPARATE SHEET>>
  • Record retention requirements --
  • 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 -- ???
  • Use Estimated HUD or Final -- ???
  • Pass-thru charges --
  • Rates Inclusive or not -- Inclusive – search and exam included. Additional fee charged if property includes multiple parcels located in a different block, section or county or when the parcels are not under common ownership.
  • Up Charging --
  • Junk Charges --
  • Special HUD Requirements --
  • Special Disclosures --
  • CPL --
  • UPL Issues --
  • Joinder of non-titled spouse -- Required if homestead declaration has been recorded
  • Survey Required -- Purchase – negotiable

Refinance – not required

Audits

(02/11/2015)

  • Required -- Annual Report must be filed;

Recording Process

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

Recording/Document Requirements

(02/11/2015)

  • Marital Status Stated -- Not required
  • Transfer Tax -- No
  • Mortgage Tax -- No
  • Address for grantor/grantee/property -- Address for each party is required
  • Witnesses -- Not required
  • Names typed/printed -- Required
  • Prepared by/return to -- Name and Address of Preparer
  • Notary Stamp/requirements -- Stamp required
  • Parcel or tax index number -- Generally required
  • Recitation of Consideration --
  • Derivation Clause -- Required
  • Corporate Signatures/Attestation --
  • Ink Color/Font --
  • Legal Description --
  • Margins -- 3.5” x 5” top right; 1” all other pages
  • Other Special Recording: --

Document Types

(02/11/2015)

  • Conveyance -- Warranty Deed, Quit Claim Deed, Special Warranty Deed
  • Security Instrument -- Trust Deed or Mortgage
  • Release -- Reconveyance

Tenancies

(02/11/2015)

  • Tenants in Common -- Yes
  • Joint Tenants -- Yes – presumed when Husband and Wife Grantee after 5/5/1997
  • Tenancy by Entireties -- Yes
  • Community Property -- No
  • Homestead -- Yes
  • Joinder of Non-titled Spouse -- A non-title spouse does not have to join in the execution of a deed or security instrument unless a homestead declaration has been recorded pursuant to Utah Code Ann. § 78-23-4

Taxes

(02/11/2015)

  • Taxes Levied -- Current calendar year
  • Taxes due -- 10/30
  • Delinquent -- 11/30

==Commitment/Policy Special Requirements (02/11/2015)

  • Who can sign Commitment/Policy -- An officer of the issuing title agency may provide any countersignature to a policy or endorsement. See Notes on other requirements under “Odd Stuff”
  • Other --

Payment Customs

(02/11/2015) Per standard contract:

  • Seller pays for owners policy
  • Buyer & Seller pay for their own recording fees and escrow fees
  • Settlement fee is split 50/50
  • Recording of deed and Deed of Trust paid by Buyer
  • No Transfer Tax
  • Survey paid as may be negotiated

Post Closing Requirements

  • Recon follow up required –

Withholding Requirements

None