Difference between revisions of "OH Operations Summary"
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==Licensed Entity:== | ==Licensed Entity:== | ||
| + | (02/11/2015) | ||
*WFG LENDER SERVICES, LLC | *WFG LENDER SERVICES, LLC | ||
| + | (Must have brick and mortar in state to qualify for underwriter exemption to licensing) | ||
*See Attached [http://wiki.wfgstaging.com/images/b/b8/Ohio_HUD-1.pdf HUD Sample] for Additional Information | *See Attached [http://wiki.wfgstaging.com/images/b/b8/Ohio_HUD-1.pdf HUD Sample] for Additional Information | ||
==Banking Information== | ==Banking Information== | ||
| + | (02/11/2015) | ||
*Bank account -- 932529886 | *Bank account -- 932529886 | ||
*Checks stale dated after -- ___ days of issuance | *Checks stale dated after -- ___ days of issuance | ||
| − | *Good Funds Law -- $1,000 | + | *Good Funds Law -- $1,000 de minimus |
*Disbursements Requirements -- An Ohio account is required for processing all Ohio escrows, WFG offices will use Centralized Disbursement and the Ohio accounts. | *Disbursements Requirements -- An Ohio account is required for processing all Ohio escrows, WFG offices will use Centralized Disbursement and the Ohio accounts. | ||
*Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- YES – OHIO IOTA ACCOUNT REQUIRED | *Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- YES – OHIO IOTA ACCOUNT REQUIRED | ||
==Escrow/Settlement== | ==Escrow/Settlement== | ||
| + | (02/11/2015) | ||
*Who can prepare the HUD -- Not restricted | *Who can prepare the HUD -- Not restricted | ||
*Who can sign the HUD (EO/LTP/Attorney) -- Not restricted | *Who can sign the HUD (EO/LTP/Attorney) -- Not restricted | ||
| Line 32: | Line 36: | ||
*UPL Issues -- Doc prep is UPL – must have Ohio attorney prepare docs and attorney information appear on docs | *UPL Issues -- Doc prep is UPL – must have Ohio attorney prepare docs and attorney information appear on docs | ||
*Joinder of non-titled spouse -- Yes | *Joinder of non-titled spouse -- Yes | ||
| − | *Survey Required -- | + | *Survey Required -- No |
*Withholding taxes (similar to FIRPTA for State) -- None | *Withholding taxes (similar to FIRPTA for State) -- None | ||
| + | |||
==AUDITS== | ==AUDITS== | ||
| + | (02/11/2015) | ||
*Required -- Annual CPA audit of escrow accounts | *Required -- Annual CPA audit of escrow accounts | ||
| + | |||
==Recording Process== | ==Recording Process== | ||
| + | (02/11/2015) | ||
*E-recording -- County list of e-recording attached | *E-recording -- County list of e-recording attached | ||
*Record before disbursement -- Disburse first | *Record before disbursement -- Disburse first | ||
*Special recording procedure -- <<WALK THRU??>> | *Special recording procedure -- <<WALK THRU??>> | ||
| + | |||
==Recording/Document Requirements== | ==Recording/Document Requirements== | ||
| + | (02/11/2015) | ||
*Marital Status Stated -- Yes | *Marital Status Stated -- Yes | ||
*Transfer Tax -- Yes | *Transfer Tax -- Yes | ||
| Line 49: | Line 59: | ||
*Prepared by/return to -- Required – Ohio attorney name and address | *Prepared by/return to -- Required – Ohio attorney name and address | ||
*Notary Stamp/requirements -- Stamp or seal required | *Notary Stamp/requirements -- Stamp or seal required | ||
| − | *Parcel or tax index number -- | + | *Parcel or tax index number -- Required |
*Recitation of Consideration -- | *Recitation of Consideration -- | ||
| − | *Derivation Clause -- | + | *Derivation Clause -- Required |
*Corporate Signatures/Attestation -- | *Corporate Signatures/Attestation -- | ||
| − | *Ink Color/Font -- | + | *Ink Color/Font -- Black/10 pt |
| − | *Legal Description -- | + | *Legal Description -- State.County/Municipality 1st paragraph; Township & Parcel No. |
| − | *Margins -- | + | *Margins -- 4" top right; 1" all other |
| − | *Other Special Recording: -- Prior deeds may be marked requiring a new survey for next conveyance. | + | *Other Special Recording: -- Prior deeds may be marked requiring a new survey for next conveyance. Special form for Deed/transfer tax. |
| + | |||
==Document Types== | ==Document Types== | ||
| + | (02/11/2015) | ||
*Conveyance -- Commonly Warranty Deed | *Conveyance -- Commonly Warranty Deed | ||
*Security Instrument -- Mortgage | *Security Instrument -- Mortgage | ||
*Release -- Satisfaction of Mortgage by Lender. No mechanism for title agent/insurer to release | *Release -- Satisfaction of Mortgage by Lender. No mechanism for title agent/insurer to release | ||
| + | |||
==Tenancies== | ==Tenancies== | ||
| + | (02/11/2015) | ||
*Tenants in Common -- Presumed | *Tenants in Common -- Presumed | ||
*Joint Tenants -- Can be expressly created | *Joint Tenants -- Can be expressly created | ||
| Line 68: | Line 82: | ||
*Homestead -- Yes | *Homestead -- Yes | ||
*Joinder of Non-titled Spouse -- Yes | *Joinder of Non-titled Spouse -- Yes | ||
| + | |||
==Taxes== | ==Taxes== | ||
| + | (02/11/2015) | ||
*Taxes Levied -- | *Taxes Levied -- | ||
*Due dates and delinquent dates vary by county. Most common are: | *Due dates and delinquent dates vary by county. Most common are: | ||
**Taxes due -- 6/20 and 12/20 | **Taxes due -- 6/20 and 12/20 | ||
**Delinquent -- Delinquent 8/17 and 2/14 | **Delinquent -- Delinquent 8/17 and 2/14 | ||
| + | |||
==Commitment/Policy Special Requirements== | ==Commitment/Policy Special Requirements== | ||
| + | (02/11/2015) | ||
*Who can sign Commitment/Policy -- Licensed Title Producer | *Who can sign Commitment/Policy -- Licensed Title Producer | ||
*Other -- | *Other -- | ||
==Payment Customs== | ==Payment Customs== | ||
| + | (02/11/2015) | ||
Ohio is a mixed bag. Which party pays for what may always be set by contract. | Ohio is a mixed bag. Which party pays for what may always be set by contract. | ||
| Line 87: | Line 106: | ||
==Post Closing Requirements== | ==Post Closing Requirements== | ||
| + | (02/11/2015) | ||
*Recon/Satisfaction follow up required -- | *Recon/Satisfaction follow up required -- | ||
Latest revision as of 11:31, 11 February 2015
Contents
Licensed Entity:
(02/11/2015)
- WFG LENDER SERVICES, LLC
(Must have brick and mortar in state to qualify for underwriter exemption to licensing)
- See Attached HUD Sample for Additional Information
Banking Information
(02/11/2015)
- Bank account -- 932529886
- Checks stale dated after -- ___ days of issuance
- Good Funds Law -- $1,000 de minimus
- Disbursements Requirements -- An Ohio account is required for processing all Ohio escrows, WFG offices will use Centralized Disbursement and the Ohio accounts.
- Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- YES – OHIO IOTA ACCOUNT REQUIRED
Escrow/Settlement
(02/11/2015)
- Who can prepare the HUD -- Not restricted
- Who can sign the HUD (EO/LTP/Attorney) -- Not restricted
- Who orders hazard insurance -- Customary -
- When is transaction consummated for new HUDS --
- Record before/after disburse -- Record first
- Filed/restricted escrow rates -- No
- Record retention requirements --
- Is an attorney involved in the closing -- No
- Who can handle loan document signing -- Notary
- Doc Prep Restrictions -- Doc prep is UPL – must have Ohio attorney prepare docs and attorney information appear on docs
- Use Escrow Instructions or not -- No
- Use Estimated HUD or Final -- Final
- Pass-thru charges -- Yes
- Rates Inclusive or not -- Not inclusive
- Up Charging -- Not restricted
- Junk Charges -- Not restricted
- Special HUD Requirements -- No
- Special Disclosures -- No
- CPL -- Yes
- UPL Issues -- Doc prep is UPL – must have Ohio attorney prepare docs and attorney information appear on docs
- Joinder of non-titled spouse -- Yes
- Survey Required -- No
- Withholding taxes (similar to FIRPTA for State) -- None
AUDITS
(02/11/2015)
- Required -- Annual CPA audit of escrow accounts
Recording Process
(02/11/2015)
- E-recording -- County list of e-recording attached
- Record before disbursement -- Disburse first
- Special recording procedure -- <<WALK THRU??>>
Recording/Document Requirements
(02/11/2015)
- Marital Status Stated -- Yes
- Transfer Tax -- Yes
- Mortgage Tax -- No
- Address for grantor/grantee/property -- Grantor and Grantee required
- Witnesses --
- Names typed/printed -- Required
- Prepared by/return to -- Required – Ohio attorney name and address
- Notary Stamp/requirements -- Stamp or seal required
- Parcel or tax index number -- Required
- Recitation of Consideration --
- Derivation Clause -- Required
- Corporate Signatures/Attestation --
- Ink Color/Font -- Black/10 pt
- Legal Description -- State.County/Municipality 1st paragraph; Township & Parcel No.
- Margins -- 4" top right; 1" all other
- Other Special Recording: -- Prior deeds may be marked requiring a new survey for next conveyance. Special form for Deed/transfer tax.
Document Types
(02/11/2015)
- Conveyance -- Commonly Warranty Deed
- Security Instrument -- Mortgage
- Release -- Satisfaction of Mortgage by Lender. No mechanism for title agent/insurer to release
Tenancies
(02/11/2015)
- Tenants in Common -- Presumed
- Joint Tenants -- Can be expressly created
- Tenancy by Entireties -- Repealed in 1985
- Community Property -- No
- Homestead -- Yes
- Joinder of Non-titled Spouse -- Yes
Taxes
(02/11/2015)
- Taxes Levied --
- Due dates and delinquent dates vary by county. Most common are:
- Taxes due -- 6/20 and 12/20
- Delinquent -- Delinquent 8/17 and 2/14
Commitment/Policy Special Requirements
(02/11/2015)
- Who can sign Commitment/Policy -- Licensed Title Producer
- Other --
Payment Customs
(02/11/2015) Ohio is a mixed bag. Which party pays for what may always be set by contract.
- In central Ohio, the seller pays for the search and a homeowners policy in residential, buyer pays everything else.
- In Southwest Ohio, it’s seller pay and most don’t get an owners policy.
- In Northeast Ohio, seller pays part of it.
- In Northwest Ohio, the contracts are all over the board.
- In Southeast Ohio, most get attorneys opinions or a homegrown record title product known as a Title Guaranty.
Post Closing Requirements
(02/11/2015)
- Recon/Satisfaction follow up required --
