Difference between revisions of "NV Operations Summary"

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WFG NATIONAL TITLE INSURANCE COMPANY
 
WFG NATIONAL TITLE INSURANCE COMPANY
 +
 
WFG Lender Services, LLC
 
WFG Lender Services, LLC
 
*See [http://wiki.wfgstaging.com/images/8/8c/Nevada_HUD-1.pdf Attached HUD] Sample for Additional Information
 
*See [http://wiki.wfgstaging.com/images/8/8c/Nevada_HUD-1.pdf Attached HUD] Sample for Additional Information
  
 
==Banking Information==
 
==Banking Information==
 
+
(02/11/20115)
 
*Bank account/Charleston Blvd --  4125366534/Wells Fargo Bank  
 
*Bank account/Charleston Blvd --  4125366534/Wells Fargo Bank  
 
*Bank account/Eastern Ave --  033122796/Bank of the West  
 
*Bank account/Eastern Ave --  033122796/Bank of the West  
Line 15: Line 16:
 
*Disbursements Requirements --  After confirmation of recording
 
*Disbursements Requirements --  After confirmation of recording
 
*Special Bank Requirements (IOLTA or IOTA or account specific to that state’s funds) --  NO
 
*Special Bank Requirements (IOLTA or IOTA or account specific to that state’s funds) --  NO
 +
 
==Escrow/Settlement ==
 
==Escrow/Settlement ==
 +
(02/11/2015)
 
*Who can prepare the HUD --  No restrictions
 
*Who can prepare the HUD --  No restrictions
 
*Who can sign the HUD (EO/LTP/Attorney) --  Licensed Resident Agent (from NV Ops)
 
*Who can sign the HUD (EO/LTP/Attorney) --  Licensed Resident Agent (from NV Ops)
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**Purchase – on high liability
 
**Purchase – on high liability
 
**Refinance – No
 
**Refinance – No
 +
 
==Audits==
 
==Audits==
 +
(02/11/2015)
 
*Required --  Yes – annual CPA audit now required or state audit will be performed (NRSA 692A.100(4)
 
*Required --  Yes – annual CPA audit now required or state audit will be performed (NRSA 692A.100(4)
 +
 
==Recording Process==
 
==Recording Process==
 +
(02/11/2015)
 
*E-recording --  Yes
 
*E-recording --  Yes
 
*Record before disbursement --  Yes
 
*Record before disbursement --  Yes
 
*Special recording procedure --  N/A
 
*Special recording procedure --  N/A
 +
 
==Recording/Document Requirements==
 
==Recording/Document Requirements==
 +
(02/11/2015)
 
*Marital Status Stated --  Yes  
 
*Marital Status Stated --  Yes  
 
*Transfer Tax --  Yes
 
*Transfer Tax --  Yes
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*Other Special Recording: --  Mailing address of party requesting recording must be on document; Declaration of Value Affidavit w/Deed
 
*Other Special Recording: --  Mailing address of party requesting recording must be on document; Declaration of Value Affidavit w/Deed
 +
 
==Document Types==
 
==Document Types==
 +
(02/11/2015)
 
*Conveyance --  Grant Bargain and Sale Deed is the customary form in Nevada; Warranty deeds and quitclaim deeds recognized
 
*Conveyance --  Grant Bargain and Sale Deed is the customary form in Nevada; Warranty deeds and quitclaim deeds recognized
 
*Security Instrument --  Deed of Trust
 
*Security Instrument --  Deed of Trust
 
*Release --  Reconveyance
 
*Release --  Reconveyance
 +
 
==Tenancies==
 
==Tenancies==
 +
(02/11/2015)
 
*Tenants in Common --  Yes
 
*Tenants in Common --  Yes
 
*Joint Tenants --  By express language only
 
*Joint Tenants --  By express language only
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*Homestead --  Yes
 
*Homestead --  Yes
 
*Joinder of Non-titled Spouse --  Yes w/exceptions  Community Property State
 
*Joinder of Non-titled Spouse --  Yes w/exceptions  Community Property State
 +
 
==Taxes==
 
==Taxes==
 +
(02/11/2015)
 
*Taxes Levied --  7/1 to 6/30
 
*Taxes Levied --  7/1 to 6/30
 
*Taxes due – Quarterly --  3rd Monday August
 
*Taxes due – Quarterly --  3rd Monday August
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1st Monday March
 
1st Monday March
 
*Delinquent --  10 days after due date
 
*Delinquent --  10 days after due date
 +
 
==Commitment/Policy Special Requirements==
 
==Commitment/Policy Special Requirements==
 +
(02/11/2015)
 
*Who can sign Commitment/Policy --  Licensed resident title officer (NV op)
 
*Who can sign Commitment/Policy --  Licensed resident title officer (NV op)
*Other --
+
*Other --
  
 
==Payment Customs==
 
==Payment Customs==
 +
(02/11/2015)
  
 
*Seller typically pays for owners policy, unless contract provided otherwise.
 
*Seller typically pays for owners policy, unless contract provided otherwise.
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*Nevada does not require surveys; if the purchaser requires a survey, then the contract will reflect the terms for payment.
 
*Nevada does not require surveys; if the purchaser requires a survey, then the contract will reflect the terms for payment.
 
*Settlement fees typically split 50/50, unless contract terms provide otherwise
 
*Settlement fees typically split 50/50, unless contract terms provide otherwise
 +
 
==Post Closing Requirements==
 
==Post Closing Requirements==
 
*Recon follow up required --
 
*Recon follow up required --

Latest revision as of 10:46, 11 February 2015

Licensed Entity:

(02/11/2015)

WFG NATIONAL TITLE INSURANCE COMPANY

WFG Lender Services, LLC

Banking Information

(02/11/20115)

  • Bank account/Charleston Blvd -- 4125366534/Wells Fargo Bank
  • Bank account/Eastern Ave -- 033122796/Bank of the West
  • Bank account/CD -- 4120780168/Wells Fargo Bank
  • Bank account/LS -- 934084476/Chase Bank
  • Good Funds Law -- Yes
  • Disbursements Requirements -- After confirmation of recording
  • Special Bank Requirements (IOLTA or IOTA or account specific to that state’s funds) -- NO

Escrow/Settlement

(02/11/2015)

  • Who can prepare the HUD -- No restrictions
  • Who can sign the HUD (EO/LTP/Attorney) -- Licensed Resident Agent (from NV Ops)
  • Who orders hazard insurance -- Customary - Lender
  • When is transaction consummated for new HUDS -- Upon confirmation of Recording
  • Record before/after disburse -- Record first by practice
  • Filed/restricted escrow rates -- Filed Escrow Rates
  • Record retention requirements -- 5 years title; 6 years escrow
  • Is an attorney involved in the closing -- No
  • Who can handle loan document signing -- Notary signing is acceptable
  • Doc/Deed Prep Restrictions -- No
  • Use Escrow Instructions or not -- Yes / general provisions attached to RPA
  • Use Estimated HUD or Final -- Estimated is customary
  • Pass-thru charges -- Yes
  • Rates Inclusive or not -- Generally Inclusive of Search and Exam.
  • In commercial, If the initial review of the records discloses that the property has never been insured, then a separate fee may be negotiated. Typically, the search and examination fees are included in the title policy premium, unless prior negotiation for extensive research negotiated prior to issuance of policy.
  • Up Charging -- No – charge filed rates (Flat fee/standard charging permitted if filed, such as overnight at $25, or wire fee at $25)
  • Junk Charges -- Filed rates only
  • Special HUD Requirements -- Licensed Resident Agent must sign (NV Ops)
  • Special Disclosures -- No
  • CPL -- Yes
  • UPL Issues -- Not restricted – title/escrow can complete standard forms
  • Joinder of non-titled spouse -- Yes, generally Community Property State.
  • Survey Required --
    • Purchase – on high liability
    • Refinance – No

Audits

(02/11/2015)

  • Required -- Yes – annual CPA audit now required or state audit will be performed (NRSA 692A.100(4)

Recording Process

(02/11/2015)

  • E-recording -- Yes
  • Record before disbursement -- Yes
  • Special recording procedure -- N/A

Recording/Document Requirements

(02/11/2015)

  • Marital Status Stated -- Yes
  • Transfer Tax -- Yes
  • Mortgage Tax -- No
  • Address for grantor/grantee/property -- Grantor address required
  • Witnesses -- Not required. But must be acknowledged by notary
  • Names typed/printed -- Yes
  • Prepared by/return to -- Return To only
  • Notary Stamp/requirements -- Stamp or seal required
  • Parcel or tax index number -- On top left corner of first page
  • Recitation of Consideration -- For a Value Consideration, Receipt of which is hereby acknowledged
  • Derivation Clause --
  • Corporate Signatures/Attestation --
  • Ink Color/Font -- Documents submitted for recording should be in text that is no smaller than a 10 point similar to Times New Roman font or no more than 9 lines of text per vertical inch. No cursive, print only. (NRS 247.110)
  • Legal Description -- Yes
  • Margins -- First Page Margins: A document should have a margin of 1 inch on the left and right sides and at the bottom of each page, and must have a space of 3 X 3 inches at the upper right corner of the first page. Multiple Page Margins: The first page must have the margins listed above. All succeeding pages should have a margin of 1 inch on the left and right sides, and at the top and bottom of each page. (NRS 247.110)
  • Other Special Recording: -- Mailing address of party requesting recording must be on document; Declaration of Value Affidavit w/Deed

Document Types

(02/11/2015)

  • Conveyance -- Grant Bargain and Sale Deed is the customary form in Nevada; Warranty deeds and quitclaim deeds recognized
  • Security Instrument -- Deed of Trust
  • Release -- Reconveyance

Tenancies

(02/11/2015)

  • Tenants in Common -- Yes
  • Joint Tenants -- By express language only
  • Tenancy by Entireties -- No
  • Community Property -- Yes
  • Homestead -- Yes
  • Joinder of Non-titled Spouse -- Yes w/exceptions Community Property State

Taxes

(02/11/2015)

  • Taxes Levied -- 7/1 to 6/30
  • Taxes due – Quarterly -- 3rd Monday August

1st Monday October 1st Monday January 1st Monday March

  • Delinquent -- 10 days after due date

Commitment/Policy Special Requirements

(02/11/2015)

  • Who can sign Commitment/Policy -- Licensed resident title officer (NV op)
  • Other --

Payment Customs

(02/11/2015)

  • Seller typically pays for owners policy, unless contract provided otherwise.
  • Transfer tax usually split, depending on purchase contract terms; recording fees allocated to seller for deed, purchaser for new encumbrance documents.
  • Nevada does not require surveys; if the purchaser requires a survey, then the contract will reflect the terms for payment.
  • Settlement fees typically split 50/50, unless contract terms provide otherwise

Post Closing Requirements

  • Recon follow up required --