VA Operations Summary

From WFG Wiki

Licensed Entity:

(02/11/2015)

  • WFG National Title Insurance Company (Licensed under RESA)
  • WFG Lender Services, LLC (Licensed under RESA)
  • See Attached HUD Sample for Additional Information

Banking Information

(02/11/2015)

  • Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
  • Checks stale dated after -- ___ days of issuance
  • Good Funds Law -- Collected/available funds required – no de minimus
  • Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
  • Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- RESA Account required- state segregated, VA domestic account

Escrow/Settlement

(02/11/2015)

  • Who can prepare the HUD -- Not restricted
  • Who can sign the HUD (EO/LTP/Attorney) -- Not restricted
  • Who orders hazard insurance -- Customary -
  • When is transaction consummated for new HUDS --
  • Record before/after disburse -- Record then disburse
  • Filed/restricted escrow rates -- No
  • Record retention requirements -- Title 3 years/Escrow 5 years
  • Is an attorney involved in the closing -- No
  • Who can handle loan document signing -- Notary
  • Doc Prep Restrictions -- Yes – Doc prep is UPL
  • Use Escrow Instructions or not -- No
  • Use Estimated HUD or Final -- Final
  • Pass-thru charges -- Not regulated
  • Rates Inclusive or not -- Not inclusive
  • Up Charging -- Not regulated
  • Junk Charges -- Not regulated
  • Special HUD Requirements -- No
  • Special Disclosures -- No
  • CPL -- Yes
  • UPL Issues -- Doc prep is UPL
  • Joinder of non-titled spouse -- No
  • Survey Required -- Owners Policy – Yes; Loan Policy – No

Audits

(02/11/2015)

  • Required -- Yes, annual required

Recording Process

(02/11/2015)

  • E-recording --
  • Record before disbursement -- Record then disburse
  • Special recording procedure -- Various coversheets and forms

==Recording/Document Requirements (02/11/2015)

  • Marital Status Stated -- No
  • Transfer Tax -- Yes details in VA Underwriting Section
  • Mortgage Tax – Yes details in VA Underwriting Section
  • Address for grantor/grantee/property -- Names to be indexed must appear in 1st paragraph; Surnames/Business in all caps or underlined
  • Witnesses -- Not required, acknowledgement only
  • Names typed/printed -- Required
  • Prepared by/return to -- Preparer name, address, signature; must state if prepared outside of VA
  • Notary Stamp/requirements --
  • Parcel or tax index number -- Required
  • Recitation of Consideration -- Required
  • Derivation Clause -- Required
  • Corporate Signatures/Attestation --
  • Ink Color/Font -- Black/10 pt
  • Legal Description --
  • Margins -- 1” all
  • Other Special Recording: --

Document Types

(02/11/2015)

  • Conveyance -- General Warranty Deed, Special Warranty Deed
  • Security Instrument -- Deed of Trust
  • Release -- Deed of Release, Certificate of Satisfaction

Tenancies

(02/11/2015)

  • Tenants in Common -- Yes
  • Joint Tenants -- Yes – express language only
  • Tenancy by Entireties -- Yes – express language only
  • Community Property -- No
  • Homestead -- No
  • Joinder of Non-titled Spouse -- No

Taxes

(02/11/2015)

  • Taxes Levied -- Varies by County
  • Taxes due -- Varies by county
  • Tax Year -- Calendar
  • Delinquent --

Commitment/Policy Special Requirements

(02/11/2015)

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

Payment Customs

(02/11/2015)

  • Buyer pays for title insurance
  • seller pays grantor’s tax; buyer pays all others
  • Buyer pays for survey
  • each pays for their own closing services provided

==Post Closing Requirements

  • Recon follow up required --

Withholding Requirements

No withholding, but form must be filed on non-residents.