Difference between revisions of "OH Operations Summary"

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On the seller pays, Ohio is inaccurate as Ohio is a mixed bag.  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, only God knows what they do as it’s still 1950 there. In Southeast Ohio, most get attorneys opinions or a homegrown record title product known as a Title Guaranty.
+
==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 [http://wiki.wfgstaging.com/images/b/b8/Ohio_HUD-1.pdf 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 --

Latest revision as of 11:31, 11 February 2015

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 --
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