Abfields: /* Licensed Entity: */

2014-12-15T00:57:24Z

‎Licensed Entity:

Abfields: /* Commitment/Policy Special Requirements */

2014-12-15T00:52:51Z

‎Commitment/Policy Special Requirements

Abfields: /* Commitment/Policy Special Requirements */

2014-12-15T00:50:56Z

‎Commitment/Policy Special Requirements

Abfields: Created page with "==Licensed Entity:== WFGNTIC/WFG LS See Attached HUD Sample for Additional Information ==Banking Information== Bank account <> *Checks..."

2014-10-19T23:49:55Z

Created page with "==Licensed Entity:== WFGNTIC/WFG LS *See Attached HUD Sample for Additional Information ==Banking Information== *Bank account <<INSERT ACCOUNT #/ROUTING #/BANK NAME>> *Checks..."

New page

==Licensed Entity:==
WFGNTIC/WFG LS
*See Attached HUD Sample for Additional Information
==Banking Information==
*Bank account <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
*Checks stale dated after ___ days of issuance
*Good Funds Law Yes, [https://www.flrules.org/gateway/RuleNo.asp?ID=69O-186.008|F.A.C. 69o186.008] $500 de minimus with "a reasonable and prudent belief that the instrument will clear"
*Disbursements Requirements -- None set forth in statute, Regulator does check for match between HUD & disbursements in audit.
*Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds). Segregated account/domestic bank. IOLTA required for attorney/law firm. No IOTA required for agency. Regulator frowns upon interest bearing accounts for benefit of agent, unless approved by customer in advance.

==Escrow/Settlement==
*Who can prepare the HUD Not restricted
*Who can sign the HUD (EO/LTP/Attorney) No Restrictions; WFGNTIC – no requirements
*Who orders hazard insurance Customary - Buyer/Borrower
*When is transaction consummated for new HUDs - At signing
*Record before/after disburse -- Disburse then record
*Filed/restricted escrow rates No
*Record retention requirements 7 years title/5 years escrow
*Is an attorney involved in the closing Not required.
*Who can handle loan document signing Notary
*Doc Prep Restrictions -- As long as in connection with an insured closing and at no charge, agent can prepare standard documents
*Use Escrow Instructions or not - No
*Use Estimated HUD or Final - Final
*Pass-thru charges - At cost
*Rates Inclusive or not -- Not inclusive
*Up Charging - No
*Junk Charges - No Florida limits charges paid to agent to Premium, Closing Services and Search.
*Special HUD Requirements
*Special Disclosures
*CPL - No charge. Form is not ALTA standard.
*UPL Issues If no title insurance, then doc prep and Closing are UPL
*Joinder of non-titled spouse - Yes, if homestead
*Survey Required -- Yes

Per DoI letter, survey exception may not be removed and survey coverage (ALTA 9, etc.) may not be given without a survey in the possession of the issuing agent. This may be satisfied with a current survey, or older survey and a "no changes" affidavit.

This is the case for Owners and Loan policies.

==Audit==

*Required Monthly 3-way reconciliation of trust accounts submitted to each appointing insurer [[https://www.flrules.org/gateway/RuleNo.asp?ID=69O-186.009| F.A.C. 69o186.009]]
*Annual Policy Audit Required F.S. 627.7773

==Recording Process==
*E-recording -- Permitted, available in many counties. Florida has passed UPRERA F.S. 695.27
*Record before disbursement? Disburse then record
*Special recording procedure
**Certificate of Occupancy/Vacant Property Registrations required in some counties
**Buyer must apply for homestead exemption status after closing.
==Recording/Document Requirements==
*Marital Status Stated Required along with homestead statement. If Homestead, spouse must join in conveyance/mortgage even if not in title.
*Transfer Tax Yes Documentary stamp tax on both mortgage and deed
*Mortgage Tax Yes. Separate intangible tax at 2 mils
*Address for grantor/grantee/property Borrower address required
*Witnesses 2 [[http://www.leg.state.fl.us/statutes/index.cfm?mode=View%20Statutes&SubMenu=1&App_mode=Display_Statute&Search_String=689.01&URL=0600-0699/0689/Sections/0689.01.html|F.S. 689.01]]
*Names typed/printed Yes Requirements are set forth in [[http://www.leg.state.fl.us/statutes/index.cfm?StatuteYear=2014&AppMode=Display_Results&Mode=Search%2520Statutes&Submenu=2&Tab=statutes&Search_String=695.26|F.S. 695.26]]
*Prepared by/return to Preparer info required
*Notary Stamp/requirements
*Parcel or tax index number 1st page
*Recitation of Consideration Nominal Consideration Customary. “$10 & Other good and valuable consideration”
*Derivation Clause -- Not Customary
*Corporate Signatures/Attestation -- By President, VP, CEO w/o resolution. No Witnesses required for Corp deed, if Corp Seal. Better practice is to have 2 witnesses regardless. See [[http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0600-0699/0692/0692.html|F.S. 692.01]]
*Ink Color/Font Black/ 9 pt minimum
*Legal Description State/county/municipality in 1st paragraph
*Margins 3” x 3” top right; 1” all others
*Other Special Recording: Certificate of Occupancy/Vacant Property Registrations
==Document Types==
*Conveyance Types -- Warranty Deed, Special Warranty Deed, Quit Claim. (Trustees and P.R. Deed are variant of SWD).
*Security Instrument -- Mortgage
*Release -- Satisfaction of Mortgage
==Tenancies==
*Tenants in Common -- Yes
*Joint Tenants -- Recognized if proper language. Survivorship must be set out clearly
*Life Estates are recognized. Residuary of traditional Life Estates are vested. “Lady Bird Deeds” recognized w/o rights in residuary.
*Tenancy by Entireties -- Automatic if acquired by H&W, whether or not stated. Better practice to show marital status.
*Community Property -- No
*Homestead -- Yes – see discussion in [[FL Underwriting Summary]]
*Joinder of Non-titled Spouse -- Required, if homestead
==Taxes==
*Taxes Levied Jan 1, Amount determined usually about August.
*Taxes due First payable on Nov 1 of the year of assessment (with discount), past due April 1 following year.
*Delinquent April 1 of year following assessment
==Commitment/Policy Special Requirements==
*Who can sign Commitment/Policy?

Licensed Title agent with appointment or FL Bar attorney with appointment; no restrictions on underwriter

==Post Closing Requirements==

*Recon follow up Not required by law or rule. But is considered good practice.
*Title Insurer has authority to issue satisfaction. WFG does not delegate that authority to agents.

@@ Line 1: / Line 1: @@
 ==Licensed Entity:==
 WFGNTIC/WFG LS
-*See Attached HUD Sample for Additional Information
+*See Attached [http://wiki.wfgstaging.com/images/d/d7/Florida_HUD-1.pdf HUD Sample] for Additional Information
 ==Banking Information==
 *Bank account	<<INSERT ACCOUNT #/ROUTING #/BANK NAME>>

@@ Line 84: / Line 84: @@
 ==Commitment/Policy Special Requirements==
 *Who can sign Commitment/Policy?   -- Licensed Title agent with appointment or FL Bar attorney with appointment; no restrictions on underwriter
 ==Post Closing Requirements==

FL Operations Summary - Revision history

Abfields: /* Licensed Entity: */

Abfields: /* Commitment/Policy Special Requirements */

Abfields: /* Commitment/Policy Special Requirements */

Abfields: Created page with "==Licensed Entity:== WFGNTIC/WFG LS *See Attached HUD Sample for Additional Information ==Banking Information== *Bank account <> *Checks..."

Abfields: Created page with "==Licensed Entity:== WFGNTIC/WFG LS See Attached HUD Sample for Additional Information ==Banking Information== Bank account <> *Checks..."