WI Underwriting Summary

Wisconsin A to Z Underwriting Guide

https://uww.wfgnationaltitle.com/images/5/58/WI_A_to_Z_Final_-_8.15.22._update_11.22.22.pdf

Search/Exam

• Minimum Search Requirements -- No mandated state minimum search period. Marketable Title Act (Wis. Stat. Sec. 893.33) 40 years for easements and covenants, 30 years for other interests.
• Plant or other search restrictions -- No
• Additional Requirements for REO Searches -- N/A
• Foreclosure Checklist -- N/A
• Special Searches Required (Code, HOA, Utilities)? -- N/A
• Survey Requirements -- Owners – Yes; Loan – No

UPL

Attorney involvement may be needed to the extent that drafting of documents is treated as the unauthorized practice of law. Wisconsin Statutes Section 757.30.

Witness Requirements

None required

Mortgage/Transfer Tax

• No Mortgage Tax
• Transfer fee at the rate of 30 cents for each $100 of value or fraction See Wis. Stat. Sec. 77.22 et seq.

Spousal Joinder Requirements/Homestead

Spousal Joinder is required on refinance and sale of homestead property. Exception joinder of non-titled spouse not required for Purchase Money Mortgage. Wisc. Stat. 706.02(1)(f)

Who May Serve As Trustee On Deed Of Trust

Wisconsin uses a mortgage as its customary form of security instrument.

Time Limitations

• US Judgment Liens -- 20 years
• State Court Judgment Liens -- 10 years
• Federal Tax Liens -- 10 years (+ 30 days)
• State Tax Liens -- Never expire
• Estate Tax Lien -- 10 years
• State Inheritance Tax Liens --
• Mechanics Liens -- 2 years
• Financing Statements -- 5 years
• Mortgages --
• HOA Liens -- 3 years
• Condominium assessments --
• Child Support Liens –

Odd Stuff

• Form filing is file and use (Wis. Stat. Sec. 631.20 ). Rate filing is use and file (Wis. Stat. Sec. 625.13).
• Usury coverage is available: (i) if the loan is made to a corporation or limited liability company; (ii) if the interest rate of the loan is 12% or less; or (iii) if the principal indebtedness of a loan exceeds $150,000.00 and is not secured by a 1-4 family dwelling in which the borrower resides (Wis. Statute Sec. 138.05).