Difference between revisions of "MI Operations Summary"
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Revision as of 14:29, 18 October 2014
Contents
Licensed Entity:
See Attached File:Michigan HUD-1.pdf 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
