Difference between revisions of "AR Operations Summary"
From WFG Wiki
(→Licensed Entity:) |
|||
| (4 intermediate revisions by the same user not shown) | |||
| Line 3: | Line 3: | ||
WFG LENDER SERVICES, LLC | 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 == | ==Banking Information == | ||
*Bank Account/LS 634084476/Chase Bank | *Bank Account/LS 634084476/Chase Bank | ||
| Line 44: | Line 43: | ||
==Recording/Document Requirements== | ==Recording/Document Requirements== | ||
*Marital Status Stated | *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 | *Address for grantor/grantee/property | ||
*Witnesses | *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 | *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 | *Notary Stamp/requirements Name printed or typed, date of expiration and stamp or seal | ||
| Line 58: | Line 57: | ||
*Legal Description | *Legal Description | ||
*Margins | *Margins | ||
| − | *Other Special Recording: | + | *Other Special Recording: |
| + | |||
==Document Types== | ==Document Types== | ||
| − | *Conveyance | + | *Conveyance -- Warranty Deeds and Limited Warranty Deeds are predominantly used. QC Deeds are generally used for curative work. |
| − | *Security Instrument Mortgages | + | *Security Instrument --Mortgages |
| − | *Release | + | *Release -- Only the lender or a duly authorized servicing entity can release the lien. |
| + | |||
==Tenancies== | ==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 | + | *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== | ||
*Taxes Levied | *Taxes Levied | ||
| Line 76: | Line 78: | ||
==Commitment/Policy Special Requirements== | ==Commitment/Policy Special Requirements== | ||
*Who can sign Commitment/Policy Policy must be countersigned by resident licensed title agent – need confirmation from Ken | *Who can sign Commitment/Policy Policy must be countersigned by resident licensed title agent – need confirmation from Ken | ||
| − | *Other | + | *Other |
| + | |||
| + | ==Payment Customs== | ||
| + | |||
| + | *Seller customarily pays Owners Policy | ||
| + | *Buyer pays Transfer taxes and recording fees | ||
| + | *Buyer pays survey charges | ||
| + | *Closing/Settlement fee split between buyer and seller. | ||
| + | |||
==Post Closing Requirements== | ==Post Closing Requirements== | ||
*Recon follow up required | *Recon follow up required | ||
Latest revision as of 12:24, 12 December 2014
Contents
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, uniform across state at $3.30 per thousand.
- 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 -- Warranty Deeds and Limited Warranty Deeds are predominantly used. QC Deeds are generally used for curative work.
- Security Instrument --Mortgages
- Release -- Only the lender or a duly authorized servicing entity can release the lien.
Tenancies
- Tenants in Common -- Yes
- Joint Tenants -- Yes
- Tenancy by Entireties -- Yes
- Community Property -- No
- Homestead -- 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
- 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
Payment Customs
- Seller customarily pays Owners Policy
- Buyer pays Transfer taxes and recording fees
- Buyer pays survey charges
- Closing/Settlement fee split between buyer and seller.
Post Closing Requirements
- Recon follow up required
Based on Information by Deb Everett Summer 2014
