LA Operations Summary - Revision history

Alanfields: /* Banking Information */

2018-01-09T01:29:14Z

‎Banking Information

Abfields: /* Recording/Document Requirements */

2015-01-27T00:11:18Z

‎Recording/Document Requirements

Abfields: /* Document Types */

2014-10-30T18:49:13Z

‎Document Types

Abfields: /* Releases of Mortgage */

2014-10-30T18:47:19Z

‎Releases of Mortgage

Abfields: /* Licensed Entity: */

2014-10-30T18:46:53Z

‎Licensed Entity:

Abfields: /* Recording/Document Requirements */

2014-10-30T18:09:18Z

‎Recording/Document Requirements

Abfields: /* Recording/Document Requirements */

2014-10-30T18:05:04Z

‎Recording/Document Requirements

Abfields: /* Taxes */

2014-10-30T17:58:07Z

‎Taxes

Abfields: /* Document Types */

2014-10-30T17:52:38Z

‎Document Types

Abfields: Created page with "==Licensed Entity: == See Attached HUD Sample for Additional Information File:Louisiana_HUD-1.pdf ==Banking Information== Bank account -- <
2014-10-26T01:01:58Z

Created page with "==Licensed Entity: == See Attached HUD Sample for Additional Information File:Louisiana_HUD-1.pdf ==Banking Information== Bank account -- <<INSERT ACCOUNT #/ROUTING #..."

New page
==Licensed Entity: ==
See Attached HUD Sample for Additional Information
[[File:Louisiana_HUD-1.pdf]]
==Banking Information==
Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
Checks stale dated after -- ___ days of issuance
Good Funds Law -- $2,500 de minimus
Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- No
==Payment Customs==
By custom Buyer pays for Owners policy, transfer tax and recording fee, and closing and settlement fee.
On commercial transactions, these charges are often negotiated on a per transaction basis by the parties.

==Escrow/Settlement ==
Who can prepare the HUD -- No restrictions
Who can sign the HUD (EO/LTP/Attorney) -- No restrictions
Who orders hazard insurance -- Customary -
When is transaction consummated for new HUDS --
Record before/after disburse -- Disburse then record
Filed/restricted escrow rates -- No
Record retention requirements -- No statutes
Is an attorney involved in the closing -- No
Who can handle loan document signing -- Notary
Doc Prep Restrictions -- Doc Prep is UPL – Attorney must prepare
Use Escrow Instructions or not -- No
Use Estimated HUD or Final -- Final
Pass-thru charges -- No restrictions
Rates Inclusive or not -- Not inclusive
Up Charging -- No state law restrictions
Junk Charges -- No restrictions
Special HUD Requirements -- No
Special Disclosures -- No
CPL --
UPL Issues -- Doc Prep is UPL, Title review must be attorney. See UPL
Joinder of non-titled spouse -- Yes
Survey Required -- OP – not for platted subdivisions; LP – No
==Audits==
Required -- Every 3 years – underwriter audit
==Recording Process==
E-recording --
Record before disbursement -- Disburse then record
Special recording procedure --
==Recording/Document Requirements==
Marital Status Stated -- Yes
Transfer Tax -- Yes – Some parishes
Mortgage Tax -- No
Address for grantor/grantee/property -- All parties required
*Witnesses -- 2
**All mortgage documents and their riders should be in authentic form in accordance with La. Civ. Code art. 1833, that is, signed before a notary and two witnesses. The issue of authentic evidence is important when it comes to the collection of a debt secured by Louisiana real estate. The quickest and the most efficient way to foreclose is by way of "executory process," which is an ex parte in rem procedure whereby a creditor enforces a mortgage or security interest containing a confession of judgment. In order to qualify for an executory proceeding, the creditor must attach authentic evidence of each and every link needed to prove the right to use executory process.
Names typed/printed -- Yes
Prepared by/return to -- Not required
Deed must show the true sales price. All acts of sale or other instruments affecting the transfer of real property must also contain the correct names, marital status and addresses of the vendee, the vendor, as well as the municipal or street address of the property transferred, if available.
Notary Stamp/requirements --
Parcel or tax index number --
Recitation of Consideration -- Required
Derivation Clause -- Yes
Corporate Signatures/Attestation --
Ink Color/Font -- Black/ 10 pt minimum
Legal Description -- State/parish/municipality/address/municipality #
Margins -- 2” 1st page; 1” all other
Other Special Recording: --
==Document Types==
Conveyance -- Deed called an “Act of Sale.” No statutory form of deed, but there are customary general warranty deeds, special or limited warranty deeds, and quit claim deeds (Acts of Sale).
Security Instrument -- Mortgage
Release -- Note recorded marked “discharged/paid”
==Tenancies==
Tenants in Common -- No
Joint Tenants -- No
Tenancy by Entireties -- No
Community Property -- Yes
Separate Property -- Yes
Unusual categories: Louisiana recognizes components of property ownership known as "usus," which is the right to use the property, "fructus," which is the right to use the fruits produced by the property, and "abuses," which is the right to alienate the property. A "usufruct," combining the components of usus and fructus, allows a person the right to enjoy the property while ownership of the property is vested in another. Ownership in division is the ownership of something by two or more persons, generally presumed to be by equal shares. All owners must sign a sale or a mortgage, including usufructuaries and naked owners, unless the usufructuary is given the power to sell or mortgage in his or her acquisition.
Homestead -- Yes
Joinder of Non-titled Spouse -- Yes as to community property. Community property presumed unless otherwise stated.

==Taxes==
The Tax Year for all parishes—Jan 1 to Dec 31
The Due Date for Orleans Parish only is January 31 and is payable “in advance”
The Due Date for all other parishes is December 31 and is payable “in arrears”
The Tax Collector for Orleans Parish only is the Department of Treasury-City of New Orleans.
The Tax Collector for all other parishes is the Sheriff for the Parish.
Taxes due -- Varies by parish
Delinquent --
==Commitment/Policy Special Requirements==
Who can sign Commitment/Policy -- LTP – must show license #
Other --
==Post Closing Requirements==
*Recon follow up required --

@@ Line 5: / Line 5: @@
 *Bank account	-- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
 *Checks stale dated after 	-- ___ days of issuance
-*Good Funds Law	-- $2,500 de minimus
+*Good Funds Law	-- $2,500 de minimus   [https://law.justia.com/codes/louisiana/2011/rs/title22/rs22-532/ LSA-R.S. 22:532](3)(h)
 *Disbursements Requirements	-- <<INSERT IF WFG REQUIRES CD?>>
 *Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds)	-- No
 ==Payment Customs==
 *By custom Buyer pays for Owners policy, transfer tax and recording fee, and closing and settlement fee.

@@ Line 60: / Line 60: @@
 *Margins	-- 2” 1st page; 1” all other
 *Other Special Recording:	--
 ==Releases of Mortgage==

@@ Line 81: / Line 81: @@
 *A donation inter vivos is null if not made by authentic act and is without effect until accepted by the donee. The acceptance must be made during the lifetime of the donor.
-*A mortgage should be in authentic form. If a mortgage is not executed before a notary and two witnesses, the lender may not legally use executory process to foreclose on the mortgage and could only enforce the mortgage in an ordinary action. The ordinary process results in additional delays and the lender incurs additional expenses.
+*A mortgage should be in authentic form. If a mortgage is not executed before a notary and two witnesses, the lender may not legally use executory process to foreclose on the mortgage and could only enforce the mortgage in an ordinary action. The ordinary process results in additional delays and the lender incurs additional expenses.  <ref>CC Art. 2440,   CC Art. 1541,  CC Art. 1544, CC Art. 1833, CC Art. 1836, R.S. 13:3720, R.S. 35:511</ref>
-*Conveyance	-- Deed called an “Act of Sale.”  No statutory form of deed, but there are customary general warranty deeds, special or limited warranty deeds, and quit claim deeds (Acts of Sale).
+<references/>
 ==Tenancies==

@@ Line 66: / Line 66: @@
 *A mortgage may be cancelled by sending the paid or cancelled mortgage note to the clerk of court. Louisiana law also allows for cancellation by affidavit. Samples of the various affidavits used by the Clerk of Court for the Parish of Jefferson may be found on the website for the Jefferson Parish Clerk, www.jpclerkofcourt.us/forms . There is also an all inclusive uniform cancellation affidavit that may be used. Some parishes require additional forms to be filed with the forms permitted by state law.
-Ref: R.S. 9:5165, R.S. 9:5166,R.S. 9:5167, R.S. 9:5168, R.S. 9:5169, R.S. 9:5172, R.S. 9:5174
+Ref: R.S. 9:5165,  R.S. 9:5166, R.S. 9:5167, R.S. 9:5168, R.S. 9:5169, R.S. 9:5172, R.S. 9:5174
 ==Document Types==

@@ Line 1: / Line 1: @@
 ==Licensed Entity: ==
-*See Attached HUD Sample for Additional Information
+*See [http://wiki.wfgstaging.com/images/b/bb/Louisiana_HUD-1.pdf Attached HUD] Sample for Additional Information
-[[File:Louisiana_HUD-1.pdf]]
 ==Banking Information==
 *Bank account	-- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>

@@ Line 43: / Line 43: @@
 ==Recording/Document Requirements==
 *Marital Status Stated	-- Yes
-*Transfer Tax	-- Yes – Some parishes
+*Transfer Tax	-- None except in Orleans Parrish, City of New Orleans.   See [[http://wiki.wfgstaging.com/index.php/LA_Underwriting_Summary#Vesting]]
 *Mortgage Tax	-- No
 *Address for grantor/grantee/property	-- All parties required
@@ Line 59: / Line 59: @@
 *Legal Description 	-- State/parish/municipality/address/municipality #
 *Margins	-- 2” 1st page; 1” all other
 *Other Special Recording:	--
 ==Document Types==
 *Louisiana law provides that three forms may be used for a valid sale - an authentic act, an act  under private signature duly acknowledged, and an act under private signature.  A sale may be made with or without warranty of title. The price should be  recited in the sale.

@@ Line 95: / Line 95: @@
 *The Tax Year for all parishes—Jan 1 to Dec 31
 *The Due Date for Orleans Parish only is January 31 and is payable “in advance”
-*The Due Date for all other parishes is December 31 and is payable “in arrears”
+*Parish property taxes for the current year in all parishes except Orleans are due in December and  are delinquent after December 31st.  The sheriff of each parish is the ex officio tax collector.  Source: R.S. 47:2127
-*The Tax Collector for Orleans Parish only is the Department of Treasury-City of New Orleans.
+*Property taxes for Orleans Parish for the current year are due and payable in January and are  delinquent after January 31st. The City of New Orleans Department of Finance is the tax collector.  Source: R.S. 47:1997.
-*The Tax Collector for all other parishes is the Sheriff for the Parish.
-*Taxes due	-- Varies by parish
+Municipalities may also collect ad valorem property taxes.   Source: R.S. 33:1236
-*Delinquent	--
 ==Commitment/Policy Special Requirements==
 *Who can sign Commitment/Policy	-- LTP – must show license #