AR Operations Summary - Revision history

Abfields: /* Licensed Entity: */

2014-12-12T20:24:30Z

‎Licensed Entity:

Abfields: /* Recording/Document Requirements */

2014-12-12T20:23:41Z

‎Recording/Document Requirements

Abfields: /* Commitment/Policy Special Requirements */

2014-12-12T18:34:21Z

‎Commitment/Policy Special Requirements

Abfields: /* Tenancies */

2014-12-12T18:30:07Z

‎Tenancies

Abfields: /* Document Types */

2014-12-12T18:28:07Z

‎Document Types

Abfields at 00:04, 19 October 2014

2014-10-19T00:04:43Z

Abfields: Created page with "==Licensed Entity: WFG LENDER SERVICES, LLC== See Attached HUD Sample for Additional Information ==Banking Information == Bank Account/LS 634084476/Chase Bank *Good Funds L..."

2014-10-19T00:03:34Z

Created page with "==Licensed Entity: WFG LENDER SERVICES, LLC== *See Attached HUD Sample for Additional Information ==Banking Information == *Bank Account/LS 634084476/Chase Bank *Good Funds L..."

New page

==Licensed Entity: WFG LENDER SERVICES, LLC==
*See Attached HUD Sample for Additional Information
==Banking Information ==
*Bank Account/LS 634084476/Chase Bank
*Good Funds Law $500
*Disbursements Requirements <<INSERT IF WFG REQUIRES CD?>>
*Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) No
==Escrow/Settlement==
*Who can prepare the HUD Not restricted
*Who can sign the HUD (EO/LTP/Attorney) Not restricted – need confirmation from Ken
*Who orders hazard insurance Customary -
*When is transaction consummated for new HUDS
*Record before/after disburse After disbursement
*Filed/restricted escrow rates No
*Record retention requirements
*Is an attorney involved in the closing No
*Who can handle loan document signing Notary permitted
*Doc Prep Restrictions Fill in blanks on standard forms permitted if no charge
*Use Escrow Instructions or not No
*Use Estimated HUD or Final Final
*Pass-thru charges Not restricted
*Rates Inclusive or not Not inclusive
*Up Charging Not restricted
*Junk Charges Not restricted
*Special HUD Requirements None
*Special Disclosures No
*CPL Yes
*UPL Issues No
*Joinder of non-titled spouse Yes
*Survey Required
**Purchase – No for platted residential
**Refinance – No
==Audits==
*Required Annual Underwriter Audit required
==Recording Process==
*E-recording County list of e-recording attached
*Record before disbursement Disburse first
*Special recording procedure Record in office of circuit clerk
==Recording/Document Requirements==
*Marital Status Stated
*Transfer Tax Yes
*Mortgage Tax No
*Address for grantor/grantee/property
*Witnesses
*Names typed/printed Yes
*Prepared by/return to “This instrument prepared by:” Required on first page with name, address & phone number
*Notary Stamp/requirements Name printed or typed, date of expiration and stamp or seal
*Parcel or tax index number
*Recitation of Consideration
*Derivation Clause Required
*Corporate Signatures/Attestation
*Ink Color/Font
*Legal Description
*Margins
*Other Special Recording:
==Document Types==
*Conveyance
*Security Instrument Mortgages
*Release
==Tenancies==
*Tenants in Common Yes
*Joint Tenants Yes
*Tenancy by Entireties Yes
*Community Property No
*Homestead Yes
*Joinder of Non-titled Spouse Yes
==Taxes==
*Taxes Levied
*Taxes due 3/1 thru 10/10
*Delinquent After 10/10
==Commitment/Policy Special Requirements==
*Who can sign Commitment/Policy Policy must be countersigned by resident licensed title agent – need confirmation from Ken
*Other
==Post Closing Requirements==
*Recon follow up required

Based on Information by Deb Everett Summer 2014

@@ Line 3: / Line 3: @@
 WFG LENDER SERVICES, LLC
-*See Attached HUD Sample for Additional Information
+*See Attached [http://wiki.wfgstaging.com/images/5/52/Arkansas_HUD-1.pdf HUD Sample] for Additional Information
 ==Banking Information ==
 *Bank Account/LS	634084476/Chase Bank

@@ Line 44: / Line 44: @@
 ==Recording/Document Requirements==
 *Marital Status Stated
-*Transfer Tax	Yes
+*Transfer Tax	-- Yes, uniform across state at $3.30 per thousand.
-*Mortgage Tax	No
+*Mortgage Tax -- No
 *Address for grantor/grantee/property
 *Witnesses
-*Names typed/printed	Yes
+*Names typed/printed	-- Yes
 *Prepared by/return to	“This instrument prepared by:” Required on first page with name, address & phone number
 *Notary Stamp/requirements	Name printed or typed, date of expiration and stamp or seal
@@ Line 58: / Line 58: @@
 *Legal Description
 *Margins
 *Other Special Recording:
 ==Document Types==
 *Conveyance	-- Warranty Deeds and Limited Warranty Deeds are predominantly used. QC Deeds are generally used for curative work.

@@ Line 78: / Line 78: @@
 ==Commitment/Policy Special Requirements==
 *Who can sign Commitment/Policy	Policy must be countersigned by resident licensed title agent – need confirmation from Ken
 *Other
 ==Post Closing Requirements==
 *Recon follow up required

@@ Line 65: / Line 65: @@
 ==Tenancies==
-*Tenants in Common	Yes
+*Tenants in Common	-- Yes
-*Joint Tenants	Yes
+*Joint Tenants	-- Yes
-*Tenancy by Entireties	Yes
+*Tenancy by Entireties	-- Yes
-*Community Property	No
+*Community Property	-- No
-*Homestead	Yes
+*Homestead	-- Yes
-*Joinder of Non-titled Spouse	Yes
+*Joinder of Non-titled Spouse	-- Required.  Non-title holding spouses should always join in to release dower, curtesy and homestead.  Exception when one spouse holds title as Joint Tenants with Right of Survivorship with a person other than the spouse.
 ==Taxes==
 *Taxes Levied