Difference between revisions of "VA Operations Summary"
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==Document Types== | ==Document Types== | ||
| + | (02/11/2015) | ||
*Conveyance -- General Warranty Deed, Special Warranty Deed | *Conveyance -- General Warranty Deed, Special Warranty Deed | ||
*Security Instrument -- Deed of Trust | *Security Instrument -- Deed of Trust | ||
*Release -- Deed of Release, Certificate of Satisfaction | *Release -- Deed of Release, Certificate of Satisfaction | ||
| + | |||
==Tenancies== | ==Tenancies== | ||
| + | (02/11/2015) | ||
*Tenants in Common -- Yes | *Tenants in Common -- Yes | ||
*Joint Tenants -- Yes – express language only | *Joint Tenants -- Yes – express language only | ||
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*Homestead -- No | *Homestead -- No | ||
*Joinder of Non-titled Spouse -- No | *Joinder of Non-titled Spouse -- No | ||
| + | |||
==Taxes== | ==Taxes== | ||
| + | (02/11/2015) | ||
*Taxes Levied -- Varies by County | *Taxes Levied -- Varies by County | ||
*Taxes due -- Varies by county | *Taxes due -- Varies by county | ||
*Tax Year -- Calendar | *Tax Year -- Calendar | ||
| − | *Delinquent -- | + | *Delinquent -- |
| + | |||
==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) | |
*Buyer pays for title insurance | *Buyer pays for title insurance | ||
*seller pays grantor’s tax; buyer pays all others | *seller pays grantor’s tax; buyer pays all others | ||
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*each pays for their own closing services provided | *each pays for their own closing services provided | ||
==Post Closing Requirements | ==Post Closing Requirements | ||
| − | *Recon follow up required -- | + | *Recon follow up required -- |
==Withholding Requirements== | ==Withholding Requirements== | ||
No withholding, but form must be filed on non-residents. | No withholding, but form must be filed on non-residents. | ||
Latest revision as of 11:52, 11 February 2015
Contents
Licensed Entity:
(02/11/2015)
- WFG National Title Insurance Company (Licensed under RESA)
- WFG Lender Services, LLC (Licensed under RESA)
- See Attached HUD Sample for Additional Information
Banking Information
(02/11/2015)
- Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
- Checks stale dated after -- ___ days of issuance
- Good Funds Law -- Collected/available funds required – no de minimus
- Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
- Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- RESA Account required- state segregated, VA domestic account
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 then disburse
- Filed/restricted escrow rates -- No
- Record retention requirements -- Title 3 years/Escrow 5 years
- Is an attorney involved in the closing -- No
- Who can handle loan document signing -- Notary
- Doc Prep Restrictions -- Yes – Doc prep is UPL
- Use Escrow Instructions or not -- No
- Use Estimated HUD or Final -- Final
- Pass-thru charges -- Not regulated
- Rates Inclusive or not -- Not inclusive
- Up Charging -- Not regulated
- Junk Charges -- Not regulated
- Special HUD Requirements -- No
- Special Disclosures -- No
- CPL -- Yes
- UPL Issues -- Doc prep is UPL
- Joinder of non-titled spouse -- No
- Survey Required -- Owners Policy – Yes; Loan Policy – No
Audits
(02/11/2015)
- Required -- Yes, annual required
Recording Process
(02/11/2015)
- E-recording --
- Record before disbursement -- Record then disburse
- Special recording procedure -- Various coversheets and forms
==Recording/Document Requirements (02/11/2015)
- Marital Status Stated -- No
- Transfer Tax -- Yes details in VA Underwriting Section
- Mortgage Tax – Yes details in VA Underwriting Section
- Address for grantor/grantee/property -- Names to be indexed must appear in 1st paragraph; Surnames/Business in all caps or underlined
- Witnesses -- Not required, acknowledgement only
- Names typed/printed -- Required
- Prepared by/return to -- Preparer name, address, signature; must state if prepared outside of VA
- Notary Stamp/requirements --
- Parcel or tax index number -- Required
- Recitation of Consideration -- Required
- Derivation Clause -- Required
- Corporate Signatures/Attestation --
- Ink Color/Font -- Black/10 pt
- Legal Description --
- Margins -- 1” all
- Other Special Recording: --
Document Types
(02/11/2015)
- Conveyance -- General Warranty Deed, Special Warranty Deed
- Security Instrument -- Deed of Trust
- Release -- Deed of Release, Certificate of Satisfaction
Tenancies
(02/11/2015)
- Tenants in Common -- Yes
- Joint Tenants -- Yes – express language only
- Tenancy by Entireties -- Yes – express language only
- Community Property -- No
- Homestead -- No
- Joinder of Non-titled Spouse -- No
Taxes
(02/11/2015)
- Taxes Levied -- Varies by County
- Taxes due -- Varies by county
- Tax Year -- Calendar
- Delinquent --
Commitment/Policy Special Requirements
(02/11/2015)
- Who can sign Commitment/Policy -- Licensed Title Producer
- Other --
Payment Customs
(02/11/2015)
- Buyer pays for title insurance
- seller pays grantor’s tax; buyer pays all others
- Buyer pays for survey
- each pays for their own closing services provided
==Post Closing Requirements
- Recon follow up required --
Withholding Requirements
No withholding, but form must be filed on non-residents.
