Difference between revisions of "AL Operations Summary"

Revision as of 15:49, 30 October 2014

WFG NATIONAL TITLE INSURANCE COMPANY

See Attached HUD Sample for Additional Information

Bank account/CD 4120780168/Wells Fargo Bank
Bank account/LS 934084476/Chase Bank
Good Funds Law
Disbursements Requirements
Special Bank Requirements (IOLTA or IOTA or account specific to that state’s funds) No

Who can prepare the HUD No restrictions
Who can sign the HUD (EO/LTP/Attorney) ?????
Who orders hazard insurance Customary - ?
When is transaction consummated for new HUDS ??????
Record before/after disburse Disburse then record
Filed/restricted escrow rates No
Record retention requirements No
Is an attorney involved in the closing No
Who can handle loan document signing Notary signing acceptable
Doc Prep Required by Attorney per State Statute Doc Prep is UPL; simple affidavits OK
Use Escrow Instructions or not No
Use Estimated HUD or Final Final only
Pass-thru charges No special restrictions
Rates Inclusive or not Not inclusive
Up Charging No special restrictions
Junk Charges No special restrictions
Special HUD Requirements No
Special Disclosures -- No
CPL Yes
Joinder of non-titled spouse Yes on refinance; no on purchase documents
Survey state Purchase –
- not required on platted residential
- Refinance – not required

Marital Status Stated Required for Grantors/Mortgagors
Transfer Tax Yes
Mortgage Tax Yes Mortgage tax in Alabama is $1.50 per $1,000.00
Address for grantor/grantee/property Grantee (for tax statements)
Witnesses Not required if notarized
Names typed/printed Yes
Prepared by/return to Yes
Notary Stamp/requirements Name typed/printed under signature; date of expiration of commission and seal or stamp
Parcel or tax index number
Recitation of Consideration
Derivation Clause Required
Corporate Signatures/Attestation
Ink Color/Font
Legal Description Must contain the plat or reference the plat book/page if description references a plat
Margins
Other Special Recording: Recordings are done in the office of the Judge of Probate; Tuscaloosa County requires derivation

Conveyance Warranty Deed, Limited Warranty Deed, Special Warranty Deed and Quit Claim Deed
Security Instrument Mortgage or Deed of Trust
Release Satisfaction or Release

Tenants in Common Yes
Joint Tenants Yes
Tenancy by Entireties No
Community Property No
Homestead
Joinder of Non-titled Spouse Yes on refinance; no on acquisition documents. A spouse not in title to the property must join in the conveyance/mortgage if the property is their homestead property.

Effective 1/1/2013. Signatory must be a resident of the state and licensed by AL Department of Insurance; the issuing agent must also be licensed through the Alabama Department of Insurance and the business must have a physical place of business within the state. A title agent can be a sole proprietor who is a resident of the state. Agents who operate as an entity must be organized under Title 10A (or its predecessor, Title 10) of the Alabama Code.

Left to negotiation and contract

Initial draft thanks to Deb Everett, Summer 2014

@@ Line 80: / Line 80: @@
 *Delinquent	1/1
 ==Commitment/Policy Special Requirements==
-*Who can sign Commitment/Policy	Employee of Insurer OK;
+*Who can sign Commitment/Policy	 -- Employee of Insurer OK;
-*Other
+*Effective 1/1/2013.  Signatory must be a resident of the state and licensed by AL Department of Insurance;  the issuing agent  must also be licensed through the Alabama Department of Insurance and the business  must have a physical place of business within the state. A title agent can be a sole proprietor who is a resident of the state.  Agents who operate as an entity must be organized under Title 10A (or its predecessor, Title 10) of the Alabama Code.
 ==Payment Customs==