Difference between revisions of "ND Operations Summary"
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==Banking Information== | ==Banking Information== | ||
| + | (02/11/2015) | ||
*Bank account -- 4120780168/Wells Fargo Bank | *Bank account -- 4120780168/Wells Fargo Bank | ||
*Good Funds Law -- No | *Good Funds Law -- No | ||
*Disbursements Requirements -- Centralized Disbursement | *Disbursements Requirements -- Centralized Disbursement | ||
| − | *Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- No | + | *Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- No |
| + | |||
==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 38: | Line 41: | ||
==AUDITS== | ==AUDITS== | ||
| − | *Required -- No | + | (02/11/2015) |
| + | *Required -- No | ||
| + | |||
==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 then record | *Record before disbursement -- Disburse then record | ||
| − | *Special recording procedure -- | + | *Special recording procedure -- |
| + | |||
==Recording/Document Requirements== | ==Recording/Document Requirements== | ||
| + | (02/11/2015) | ||
*Marital Status Stated -- Not required | *Marital Status Stated -- Not required | ||
*Transfer Tax -- No | *Transfer Tax -- No | ||
| Line 58: | Line 66: | ||
*Ink Color/Font -- Black/10 pt minimum | *Ink Color/Font -- Black/10 pt minimum | ||
*Legal Description -- 1st paragraph must include state, county & municipality | *Legal Description -- 1st paragraph must include state, county & municipality | ||
| − | *Margins -- 1st page 4” x 3 1/2” Top | + | *Margins -- 1st page 4” x 3 1/2” Top margin |
| − | *Other Special Recording: -- Certificate of Value with Deeds | + | *Other Special Recording: -- Certificate of Value with Deeds |
| + | |||
==Document Types== | ==Document Types== | ||
| + | (02/11/2015) | ||
*Conveyance -- Warranty Deed, Limited Warranty Deed and Quit-Claim are customary. | *Conveyance -- Warranty Deed, Limited Warranty Deed and Quit-Claim are customary. | ||
*Security Instrument -- Mortgage | *Security Instrument -- Mortgage | ||
| − | *Release -- Satisfaction or Release | + | *Release -- Satisfaction or Release |
| + | |||
==Tenancies== | ==Tenancies== | ||
| + | (02/11/2015) | ||
*Tenants in Common -- Yes | *Tenants in Common -- Yes | ||
*Joint Tenants -- Yes | *Joint Tenants -- Yes | ||
| Line 72: | Line 84: | ||
*Joinder of Non-titled Spouse -- Both must sign if homestead property. Non-homestead can be conveyed by owner only. | *Joinder of Non-titled Spouse -- Both must sign if homestead property. Non-homestead can be conveyed by owner only. | ||
(NDCC 47-19-11, 47-18-05, 14-07-04) | (NDCC 47-19-11, 47-18-05, 14-07-04) | ||
| + | |||
==Taxes== | ==Taxes== | ||
| + | (02/11/2015) | ||
*Taxes Levied -- | *Taxes Levied -- | ||
*Taxes due -- 3/1 & 10/15 | *Taxes due -- 3/1 & 10/15 | ||
| − | *Delinquent -- 3/2 & 10/16 | + | *Delinquent -- 3/2 & 10/16 |
| + | |||
==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) | ||
*Seller pays for Owner’s Policy and for satisfaction. | *Seller pays for Owner’s Policy and for satisfaction. | ||
*Buyer pays for all other. | *Buyer pays for all other. | ||
*Buyer generally pays for survey. | *Buyer generally pays for survey. | ||
*Buyer pays closing/settlement fees. | *Buyer pays closing/settlement fees. | ||
| + | |||
==Post Closing Requirements== | ==Post Closing Requirements== | ||
| + | (02/11/2015) | ||
*Recon follow up required -- Yes | *Recon follow up required -- Yes | ||
Latest revision as of 11:03, 11 February 2015
Contents
Licensed Entity:
(02/11/2015)
- WFG National Title Insurance Company
WFG Lender Services, LLC
- See Attached HUD Sample for Additional Information
Banking Information
(02/11/2015)
- Bank account -- 4120780168/Wells Fargo Bank
- Good Funds Law -- No
- Disbursements Requirements -- Centralized Disbursement
- Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- No
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 -- Disburse then record
- Filed/restricted escrow rates -- Not filed or restricted
- Record retention requirements --
- Is an attorney involved in the closing -- No
- Who can handle loan document signing -- Notary is permissible
- Doc/Deed Prep Restrictions -- Doc prep is not UPL but cannot charge
- Use Escrow Instructions or not -- Not customary
- Use Estimated HUD or Final -- Final
- Pass-thru charges -- Yes
- Rates Inclusive or not -- No. There is a separate search and exam charge.
- Up Charging -- Not restricted
- Junk Charges -- Not restricted
- Special HUD Requirements -- No
- Special Disclosures --
- CPL -- Yes
- UPL Issues -- Attorney opinion required on search
- Joinder of non-titled spouse -- Yes Both must sign if homestead property. Non-homestead can be conveyed by owner only.
(NDCC 47-19-11, 47-18-05, 14-07-04)
- Survey Required --
- Purchase – No
- Refinance - No
AUDITS
(02/11/2015)
- Required -- No
Recording Process
(02/11/2015)
- E-recording -- County list of e-recording attached
- Record before disbursement -- Disburse then record
- Special recording procedure --
Recording/Document Requirements
(02/11/2015)
- Marital Status Stated -- Not required
- Transfer Tax -- No
- Mortgage Tax -- No
- Address for grantor/grantee/property -- Grantee address required
- Witnesses -- No. NDCC 47-19-03
- Names typed/printed -- Required
- Prepared by/return to --
- Notary Stamp/requirements --
- Parcel or tax index number --
- Recitation of Consideration -- Required
- Derivation Clause -- Required
- Corporate Signatures/Attestation --
- Ink Color/Font -- Black/10 pt minimum
- Legal Description -- 1st paragraph must include state, county & municipality
- Margins -- 1st page 4” x 3 1/2” Top margin
- Other Special Recording: -- Certificate of Value with Deeds
Document Types
(02/11/2015)
- Conveyance -- Warranty Deed, Limited Warranty Deed and Quit-Claim are customary.
- Security Instrument -- Mortgage
- Release -- Satisfaction or Release
Tenancies
(02/11/2015)
- Tenants in Common -- Yes
- Joint Tenants -- Yes
- Tenancy by Entireties -- No
- Community Property -- No
- Homestead -- Yes
- Joinder of Non-titled Spouse -- Both must sign if homestead property. Non-homestead can be conveyed by owner only.
(NDCC 47-19-11, 47-18-05, 14-07-04)
Taxes
(02/11/2015)
- Taxes Levied --
- Taxes due -- 3/1 & 10/15
- Delinquent -- 3/2 & 10/16
Commitment/Policy Special Requirements
(02/11/2015)
- Who can sign Commitment/Policy -- Licensed Title Producer
- Other --
Payment Customs
(02/11/2015)
- Seller pays for Owner’s Policy and for satisfaction.
- Buyer pays for all other.
- Buyer generally pays for survey.
- Buyer pays closing/settlement fees.
Post Closing Requirements
(02/11/2015)
- Recon follow up required -- Yes
