TX Operations Summary - Revision history

Andyanderson: /* Licensed Entity */

2016-04-01T14:37:39Z

‎Licensed Entity

Alanfields: /* Commitment/Policy Special Requirements */

2016-03-09T21:31:17Z

‎Commitment/Policy Special Requirements

Alanfields: /* Taxes */

2016-03-09T21:27:48Z

‎Taxes

Alanfields: /* COMMUNITY PROPERTY */

2016-03-09T02:16:17Z

‎COMMUNITY PROPERTY

Alanfields: /* Tenancies */

2016-03-09T02:15:31Z

‎Tenancies

Alanfields: /* Tenancies */

2016-03-09T02:15:07Z

‎Tenancies

Abfields: /* Recording Process */

2015-04-19T01:07:38Z

‎Recording Process

Abfields: Created page with "==Licensed Entity== WFG LENDER SERVICES, LLC & WFG NATIONAL TITLE??? ==Banking Information == Bank account -- <> Checks stale dated a..."

2014-12-11T01:01:58Z

Created page with "==Licensed Entity== WFG LENDER SERVICES, LLC & WFG NATIONAL TITLE??? ==Banking Information == *Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>> *Checks stale dated a..."

New page

==Licensed Entity==
WFG LENDER SERVICES, LLC & WFG NATIONAL TITLE???

==Banking Information ==
*Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
*Checks stale dated after -- ___ days of issuance
*Good Funds Law -- $1500
*Disbursements Requirements -- MUST CLOSE THRU LICENSED TEXAS OPERATION
*Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- FUNDS MUST ONLY PASS THROUGH TEXAS ESCROW ACCOUNT – CANNOT TOUCH ANOTHER ACCOUNT
==Escrow/Settlement ==
*Who can prepare the HUD -- Texas Licensed Escrow Officer
*Who can sign the HUD (EO/LTP/Attorney) -- Texas Licensed Escrow Officer
*Who orders hazard insurance -- Customary -
*When is transaction consummated for new HUDS --
*Record before/after disburse -- After Disbursement
*Filed/restricted escrow rates -- Not filed but restricted
*Record retention requirements -- Yes
*Is an attorney involved in the closing -- No, only legal doc prep
*Who can handle loan document signing -- Notary for purchase and refinance. Home Equity/HELOC/REVERSE MTG have special closing restrictions: only in office of the lender, a title company or a Texas licensed attorney
*Doc Prep Restrictions -- Attorney must prepare
*Use Escrow Instructions or not -- No
*Use Estimated HUD or Final -- Final
*Pass-thru charges -- Limited fees permitted
*Rates Inclusive or not -- Inclusive of search exam & settlement but can charge an “Escrow Fee”
*Up Charging -- Prohibited
*Junk Charges -- Prohibited – actual charges only
*Special HUD Requirements -- Yes – disclosures of all payments and any splits for title evidence must be clearly disclosed
*Special Disclosures -- Yes – commitment must disclose split for title evidence and Schedule D must disclose details regarding agency
*CPL -- Yes
*UPL Issues -- Legal documents
*Joinder of non-titled spouse -- Yes
*Survey Required – YES – for survey deletions (and any short form policy); either new survey or existing survey and T-47 Survey Affidavit

==AUDITS==
*Required -- Yes, Annual CPA audit of escrow accounts, TDI Audits every 2 years (+/-), underwriter policy audit every 2 years
==Recording Process==
*E-recording -- County list of e-recording attached
*Record before disbursement -- Disburse first
*Special recording procedure -- No
==Recording/Document Requirements
*Marital Status Stated -- Not required but customary
*Transfer Tax -- No
*Mortgage Tax -- No
*Address for grantor/grantee/property -- Yes for Grantee (some counties require it to appear on the first page)
*Witnesses -- Not required, but two witnesses may replace the notary – but it is not common practice.
*Names typed/printed -- No
*Prepared by/return to -- No
*Notary Stamp/requirements -- Stamp or seal must have date of expiration and name
*Parcel or tax index number -- Not required
*Recitation of Consideration -- Not required but nominal consideration customary
*Derivation Clause -- Not required
*Corporate Signatures/Attestation -- No special requirements
*Ink Color/Font -- Blue or black (varies by county)
*Legal Description --
*Margins -- Some counties require 3” on top of first page
*Other Special Recording: --
==Document Types==
*Conveyance -- Warranty Deed (General or Special), Warranty Deed with Vendor’s Lien, Deed without Warranties (Quit Claim not generally used except in family situations QC not generally insurable)
*Security Instrument -- Deed of Trust
*Release -- Release of Lien
==Tenancies==
*Tenants in Common -- Yes
*Joint Tenants -- Only by express language
*Tenancy by Entireties – No In re Garrett, 429 B.R. 220, 240 (Bankr. S.D. Tex. 2010)
*Community Property -- Yes
*Homestead -- Yes
*Joinder of Non-titled Spouse – Yes if homestead
==Taxes==
*Taxes Levied -- 1/1 (All properties must have at least county and school/ISD taxes, most also have city/municipal taxes and other special taxes.); amount determined when values and tax rates are certified in October
*Taxes due -- 10/1 (Although the actual tax bills may not be available until November or December)
*Delinquent -- After 1/31 following year – unless installment payments are being made
==Commitment/Policy Special Requirements==
*Who can sign Commitment/Policy -- Licensed Texas Escrow Officer, licensed Texas Title insurance agent or designated underwriter.
*Other --

==Payment Customs==
Subject to negotiation. Customary payment practices are:
*Owner’s Policy paid by Seller
*Transfer Tax & Recording Fees paid by Buyer
*Survey Charges paid by Seller, but buyer pays for area and boundary amendment.
*Parties customarily split escrow fees. Texas does not have a closing settlement fee.
==Post Closing Requirements==
*Recon follow up required –
==Withholding Requirements==
None

@@ Line 73: / Line 73: @@
 *Joinder of Non-titled Spouse – Yes if homestead
-==COMMUNITY PROPERTY==
+==Community Property==
-•	Texas is a community property state.
+*Texas is a community property state.
-•	All property acquired during marriage is presumed to be community, unless acquired by gift, devise or descent.
+*All property acquired during marriage is presumed to be community, unless acquired by gift, devise or descent.
-•	A divorce decree should divest one spouse of the property and award the property to the other spouse.
+*A divorce decree should divest one spouse of the property and award the property to the other spouse.
-•	If community property is not disposed of in a divorce decree the parties thereafter hold the property as tenants in common.
+*If community property is not disposed of in a divorce decree the parties thereafter hold the property as tenants in common.
-•	Community property cannot be conveyed or mortgaged without the consent of both spouses.
+*Community property cannot be conveyed or mortgaged without the consent of both spouses.
-•	A deed by one spouse of community property to a third party is void, but creates a cloud on title.
+*A deed by one spouse of community property to a third party is void, but creates a cloud on title.
-•	Texas follows the “inception of title” rule.  Whether something is separate or community is determined by the facts existing at the time the property was acquired.
+*Texas follows the “inception of title” rule.  Whether something is separate or community is determined by the facts existing at the time the property was acquired.
 ==Taxes==

@@ Line 1: / Line 1: @@
 ==Licensed Entity==
-WFG LENDER SERVICES, LLC & WFG NATIONAL TITLE???
+WFG LENDER SERVICES, LLC  for (BEXAR, BRAZORIA, COLLIN, COMAL, DALLAS, DENTON, EL PASO, FORT BEND, GALVESTON, GUADALUPE, HARRIS, HAYS, JEFFERSON, JOHNSON, KAUFMAN, KENDALL, MATAGORDA, MEDINA, MONTGOMERY, NUECES, PARKER, POTTER, RANDALL, ROCKWALL, SMITH, TARRANT, TRAVIS, VICTORIA, WILLIAMSON, WISE)
 ==Banking Information ==

@@ Line 96: / Line 96: @@
 ==Commitment/Policy Special Requirements==
 *Who can sign Commitment/Policy -- Licensed Texas Escrow Officer, licensed Texas Title insurance agent or designated underwriter.
 *Other --
 ==Payment Customs==

@@ Line 86: / Line 86: @@
 *Taxes Levied  -- 1/1 (All properties must have at least county and school/ISD taxes, most also have city/municipal taxes and other special taxes.); amount determined when values and tax rates are certified in October
 *Taxes due -- 10/1 (Although the actual tax bills may not be available until November or December)
-*Delinquent -- After 1/31 following year – unless installment payments are being made
+*Property taxes are billed on October 1 or “as soon thereafter” as possible.  They are due and payable upon receipt of the bill
 ==Commitment/Policy Special Requirements==
 *Who can sign Commitment/Policy -- Licensed Texas Escrow Officer, licensed Texas Title insurance agent or designated underwriter.

@@ Line 62: / Line 62: @@
 *Release -- Release of Lien
 ==Tenancies==
 *Tenants in Common -- Yes
-*Joint Tenants -- Only by express language
+*Joint Tenancy
 *Tenancy by Entireties – No   In re Garrett, 429 B.R. 220, 240 (Bankr. S.D. Tex. 2010)
 *Community Property -- Yes
 *Homestead -- Yes
 *Joinder of Non-titled Spouse – Yes if homestead
 ==Taxes==
 *Taxes Levied  -- 1/1 (All properties must have at least county and school/ISD taxes, most also have city/municipal taxes and other special taxes.); amount determined when values and tax rates are certified in October

@@ Line 39: / Line 39: @@
 *Record before disbursement -- Disburse first
 *Special recording procedure -- No
-==Recording/Document Requirements
+==Recording/Document Requirements==
 *Marital Status Stated -- Not required but customary
 *Transfer Tax -- No
@@ Line 55: / Line 55: @@
 *Legal Description  --
 *Margins -- Some counties require 3” on top of first page
 *Other Special Recording: --
 ==Document Types==
 *Conveyance -- Warranty Deed (General or Special),  Warranty Deed with Vendor’s Lien, Deed without Warranties (Quit Claim not generally used except in family situations  QC not generally insurable)

TX Operations Summary - Revision history

Andyanderson: /* Licensed Entity */

Alanfields: /* Commitment/Policy Special Requirements */

Alanfields: /* Taxes */

Alanfields: /* COMMUNITY PROPERTY */

Alanfields: /* Tenancies */

Alanfields: /* Tenancies */

Abfields: /* Recording Process */

Abfields: Created page with "==Licensed Entity== WFG LENDER SERVICES, LLC & WFG NATIONAL TITLE??? ==Banking Information == *Bank account -- <> *Checks stale dated a..."

Abfields: Created page with "==Licensed Entity== WFG LENDER SERVICES, LLC & WFG NATIONAL TITLE??? ==Banking Information == Bank account -- <> Checks stale dated a..."