ND Operations Summary

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

• 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

• Required -- No

Recording Process

• E-recording -- County list of e-recording attached
• Record before disbursement -- Disburse then record
• Special recording procedure --

Recording/Document Requirements

• 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 marging
• Other Special Recording: -- Certificate of Value with Deeds

Document Types

• Conveyance -- Warranty Deed, Limited Warranty Deed and Quit-Claim are customary.
• Security Instrument -- Mortgage
• Release -- Satisfaction or Release

Tenancies

• 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

• Taxes Levied --
• Taxes due -- 3/1 & 10/15
• Delinquent -- 3/2 & 10/16

Commitment/Policy Special Requirements

• Who can sign Commitment/Policy -- Licensed Title Producer
• Other --

Payment Customs

• 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

• Recon follow up required -- Yes