Difference between revisions of "UT Operations Summary"
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==Escrow/Settlement == | ==Escrow/Settlement == | ||
| + | (02/11/2015) | ||
*Who can prepare the HUD -- | *Who can prepare the HUD -- | ||
*Who can sign the HUD (EO/LTP/Attorney) -- | *Who can sign the HUD (EO/LTP/Attorney) -- | ||
| Line 21: | Line 22: | ||
*Filed/restricted escrow rates -- If yes, see <<HUD OR SEPARATE SHEET>> | *Filed/restricted escrow rates -- If yes, see <<HUD OR SEPARATE SHEET>> | ||
*Record retention requirements -- | *Record retention requirements -- | ||
| − | *Is an attorney involved in the closing -- | + | *Is an attorney involved in the closing -- No |
*Who can handle loan document signing -- Notary | *Who can handle loan document signing -- Notary | ||
*Doc Prep Restrictions -- Doc prep is not UPL | *Doc Prep Restrictions -- Doc prep is not UPL | ||
| Line 39: | Line 40: | ||
==Audits== | ==Audits== | ||
| + | (02/11/2015) | ||
*Required -- Annual Report must be filed; | *Required -- Annual Report must be filed; | ||
| + | |||
==Recording Process== | ==Recording Process== | ||
*E-recording -- County list of e-recording attached | *E-recording -- County list of e-recording attached | ||
| Line 45: | Line 48: | ||
*Special recording procedure -- <<WALK THRU??>> | *Special recording procedure -- <<WALK THRU??>> | ||
==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 60: | Line 64: | ||
*Legal Description -- | *Legal Description -- | ||
*Margins -- 3.5” x 5” top right; 1” all other pages | *Margins -- 3.5” x 5” top right; 1” all other pages | ||
| − | *Other Special Recording: -- | + | *Other Special Recording: -- |
| + | |||
==Document Types== | ==Document Types== | ||
| + | (02/11/2015) | ||
*Conveyance -- Warranty Deed, Quit Claim Deed, Special Warranty Deed | *Conveyance -- Warranty Deed, Quit Claim Deed, Special Warranty Deed | ||
*Security Instrument -- Trust Deed or Mortgage | *Security Instrument -- Trust Deed or Mortgage | ||
*Release -- Reconveyance | *Release -- Reconveyance | ||
| + | |||
==Tenancies== | ==Tenancies== | ||
| + | (02/11/2015) | ||
*Tenants in Common -- Yes | *Tenants in Common -- Yes | ||
*Joint Tenants -- Yes – presumed when Husband and Wife Grantee after 5/5/1997 | *Joint Tenants -- Yes – presumed when Husband and Wife Grantee after 5/5/1997 | ||
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*Homestead -- Yes | *Homestead -- Yes | ||
*Joinder of Non-titled Spouse -- A non-title spouse does not have to join in the execution of a deed or security instrument unless a homestead declaration has been recorded pursuant to Utah Code Ann. § 78-23-4 | *Joinder of Non-titled Spouse -- A non-title spouse does not have to join in the execution of a deed or security instrument unless a homestead declaration has been recorded pursuant to Utah Code Ann. § 78-23-4 | ||
| + | |||
==Taxes== | ==Taxes== | ||
| + | (02/11/2015) | ||
*Taxes Levied -- Current calendar year | *Taxes Levied -- Current calendar year | ||
*Taxes due -- 10/30 | *Taxes due -- 10/30 | ||
*Delinquent -- 11/30 | *Delinquent -- 11/30 | ||
| + | |||
==Commitment/Policy Special Requirements | ==Commitment/Policy Special Requirements | ||
| + | (02/11/2015) | ||
*Who can sign Commitment/Policy -- An officer of the issuing title agency may provide any countersignature to a policy or endorsement. See Notes on other requirements under “Odd Stuff” | *Who can sign Commitment/Policy -- An officer of the issuing title agency may provide any countersignature to a policy or endorsement. See Notes on other requirements under “Odd Stuff” | ||
| − | *Other -- | + | *Other -- |
==Payment Customs== | ==Payment Customs== | ||
| + | (02/11/2015) | ||
Per standard contract: | Per standard contract: | ||
*Seller pays for owners policy | *Seller pays for owners policy | ||
Latest revision as of 11:45, 11 February 2015
Contents
Licensed Entity:
(02/11/2015)
WFG Lender Services, LLC (Must have resident employee)
Banking Information
(02/11/2015)
- Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
- Checks stale dated after -- ___ days of issuance
- Good Funds Law -- $500 de minimus
- Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
- Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- Bank must do business in Utah
Escrow/Settlement
(02/11/2015)
- Who can prepare the HUD --
- Who can sign the HUD (EO/LTP/Attorney) --
- Who orders hazard insurance -- Customary -
- When is transaction consummated for new HUDS --
- Record before/after disburse -- ???
- Filed/restricted escrow rates -- If yes, see <<HUD OR SEPARATE SHEET>>
- Record retention requirements --
- 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 -- ???
- Use Estimated HUD or Final -- ???
- Pass-thru charges --
- Rates Inclusive or not -- Inclusive – search and exam included. Additional fee charged if property includes multiple parcels located in a different block, section or county or when the parcels are not under common ownership.
- Up Charging --
- Junk Charges --
- Special HUD Requirements --
- Special Disclosures --
- CPL --
- UPL Issues --
- Joinder of non-titled spouse -- Required if homestead declaration has been recorded
- Survey Required -- Purchase – negotiable
Refinance – not required
Audits
(02/11/2015)
- Required -- Annual Report must be filed;
Recording Process
- E-recording -- County list of e-recording attached
- Record before disbursement --
- Special recording procedure -- <<WALK THRU??>>
Recording/Document Requirements
(02/11/2015)
- Marital Status Stated -- Not required
- Transfer Tax -- No
- Mortgage Tax -- No
- Address for grantor/grantee/property -- Address for each party is required
- Witnesses -- Not required
- Names typed/printed -- Required
- Prepared by/return to -- Name and Address of Preparer
- Notary Stamp/requirements -- Stamp required
- Parcel or tax index number -- Generally required
- Recitation of Consideration --
- Derivation Clause -- Required
- Corporate Signatures/Attestation --
- Ink Color/Font --
- Legal Description --
- Margins -- 3.5” x 5” top right; 1” all other pages
- Other Special Recording: --
Document Types
(02/11/2015)
- Conveyance -- Warranty Deed, Quit Claim Deed, Special Warranty Deed
- Security Instrument -- Trust Deed or Mortgage
- Release -- Reconveyance
Tenancies
(02/11/2015)
- Tenants in Common -- Yes
- Joint Tenants -- Yes – presumed when Husband and Wife Grantee after 5/5/1997
- Tenancy by Entireties -- Yes
- Community Property -- No
- Homestead -- Yes
- Joinder of Non-titled Spouse -- A non-title spouse does not have to join in the execution of a deed or security instrument unless a homestead declaration has been recorded pursuant to Utah Code Ann. § 78-23-4
Taxes
(02/11/2015)
- Taxes Levied -- Current calendar year
- Taxes due -- 10/30
- Delinquent -- 11/30
==Commitment/Policy Special Requirements (02/11/2015)
- Who can sign Commitment/Policy -- An officer of the issuing title agency may provide any countersignature to a policy or endorsement. See Notes on other requirements under “Odd Stuff”
- Other --
Payment Customs
(02/11/2015) Per standard contract:
- Seller pays for owners policy
- Buyer & Seller pay for their own recording fees and escrow fees
- Settlement fee is split 50/50
- Recording of deed and Deed of Trust paid by Buyer
- No Transfer Tax
- Survey paid as may be negotiated
Post Closing Requirements
- Recon follow up required –
Withholding Requirements
None
