ID Operations Summary

Licensed Entity:

(02/11/2015)

WFG National Title Insurance Company (closing only - must be an insured transaction) WFG Lender Services, LLC (ID licensed escrow company)

• See Attached HUD Sample for Additional Information File:Idaho HUD-1.pdf

Banking Information

(02/11/2015)

• Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
• Checks stale dated after -- ___ days of issuance
• Good Funds Law -- Yes
• Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
• Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- Must be domestic bank

Escrow/Settlement

(02/11/2015)

• Who can prepare the HUD -- Escrow Officer
• Who can sign the HUD (EO/LTP/Attorney) -- Escrow Officer
• Who orders hazard insurance -- Customary – consumer
• When is transaction consummated for new HUDS -- Recording
• Record before/after disburse -- Record first
• Filed/restricted escrow rates -- Yes – filed by agents
• Record retention requirements -- 5 years for title and escrow
• Is an attorney involved in the closing -- No
• Who can handle loan document signing -- Notary
• Doc Prep Restrictions -- Doc prep is not UPL
• Use Escrow Instructions or not -- Yes
• Use Estimated HUD or Final -- Final
• Pass-thru charges -- Filed rates
• Rates Inclusive or not -- Inclusive of search and exam
• Up Charging -- Filed rates
• Junk Charges -- Filed rates
• Special HUD Requirements -- No
• Special Disclosures --
• CPL -- No charges for CPL
• UPL Issues -- No
• Joinder of non-titled spouse -- Yes
• Survey Required -- Purchase – yes for extended coverage

Refinance – no

Audits

(02/11/2015)

• Required -- ID DOI requires a DOI audit every 3 years – paid for by agent

Recording Process

(02/11/2015)

• E-recording --
• Record before disbursement -- Yes
• Special recording procedure --

Recording/Document Requirements

(02/11/2015)

• Marital Status Stated -- Yes
• Transfer Tax -- No
• Mortgage Tax -- No
• Address for grantor/grantee/property -- Property – Yes
• Witnesses -- -- Not required on deed or security instrument. document must be properly acknowledged for recording. IC 55-805.
• Names typed/printed -- Yes
• Prepared by/return to -- Yes
• Notary Stamp/requirements -- Stamp required
• Parcel or tax index number --
• Recitation of Consideration --
• Derivation Clause --
• Corporate Signatures/Attestation --
• Ink Color/Font -- Blue – no specific font
• Legal Description --
• Margins -- Space for recorders stamp on 1st page
• Other Special Recording: --

Document Types

(02/11/2015)

• Conveyance -- Warranty Deed, Special Warranty Deed, Quit Claim Deed, Grant Deed
• Security Instrument -- Mortgage or Trust Deed (DT under 80 acres IC 45-1502(5))
• Release -- Release or Satisfaction

Payment Customs

(02/11/2015) Under terms of the standard Purchase Contract, seller pays for the owner’s policy. The seller and buyer will pay for their respective recording fees and escrow fees.

Tenancies

(02/11/2015)

• Tenants in Common -- Yes
• Joint Tenants -- Yes
• Tenancy by Entireties -- Not recognized
• Community Property -- Yes
• Homestead -- Yes
• Joinder of Non-titled Spouse -- Yes

Idaho is a community property state, so non-title spouse must join in the execution of deeds or security instruments on all community property. Because of difficulty in determining community property status, custom to have a non-title spouse either join in the execution of a deed or security instrument or separately convey.

Taxes

• Taxes Levied -- 1/1
• Taxes due -- 1st half due Nov. 20th/2nd half due June 20th
• Delinquent -- 1st half delinquent Dec. 20th/2nd half June 20th

Commitment/Policy Special Requirements

• Who can sign Commitment/Policy -- A person, partnership, corporation or agency owning & maintaining a complete set of tract indexes or abstract records of the County in which such property is located. IC 41-2702
• Other --

Post Closing Requirements

• Recon follow up required -- Yes