WI Underwriting Summary

From WFG Wiki

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.

Vesting

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)

Power Of Attorney

Construction Liens

Foreclosure Review

Instrument Requirements

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).