MI Operations Summary

I. OPERATIONS INFORMATION:

Licensed Entity:

See Attached HUD Sample for Additional Information

Banking Information

Bank account <<INSERT ACCOUNT #/ROUTING #/BANK NAME>> Checks stale dated after ___ days of issuance Good Funds Law No statute Disbursements Requirements <<INSERT IF WFG REQUIRES CD?>> Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) None

Escrow/Settlement

Who can prepare the HUD No restrictions Who can sign the HUD (EO/LTP/Attorney) No restrictions 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 Is an attorney involved in the closing No Who can handle loan document signing Notary Doc Prep Restrictions Fill in blanks on insured transaction at no charge is OK Use Escrow Instructions or not No Use Estimated HUD or Final Final Pass-thru charges No restrictions Rates Inclusive or not Inclusive of Search and exam Up Charging No restrictions Junk Charges No restrictions Special HUD Requirements No Special Disclosures No CPL UPL Issues Fill in blanks on insured transaction at no charge is OK Joinder of non-titled spouse Yes Survey Required No

Audits

Required

Recording Process

E-recording Record before disbursement Disburse then record Special recording procedure Transfer Affidavit/Tax Affidavit

Recording/Document Requirements

Marital Status Stated Yes Transfer Tax Yes Mortgage Tax NO Address for grantor/grantee/property All parties required Witnesses Names typed/printed Yes Prepared by/return to Name and address of preparer required Notary Stamp/requirements Special notary block Parcel or tax index number Required in legal Recitation of Consideration Derivation Clause Yes Corporate Signatures/Attestation Ink Color/Font Black/ 10 pt minimum Legal Description State/county/municipality in 1st paragraph Margins 2/5” top 1st page; .5” all others Other Special Recording: Transfer Affidavit/Tax Affidavit

Document Types

Conveyance Warranty Deed, Quitclaim Deed, Covenant Deed Security Instrument Mortgage Release Discharge of Mortgage

Tenancies

Tenants in Common Yes Joint Tenants No Tenancy by Entireties Yes Community Property No Homestead Yes Joinder of Non-titled Spouse Yes

Taxes

Taxes Levied WARNING – Major property tax claims in MI Taxes due Delinquent

Commitment/Policy Special Requirements

Who can sign Commitment/Policy Licensed Title Producer Other

Post Closing Requirements

Recon follow up required

Summary Prepared by Deborah Everett, Summer 2014