CA Regulatory Summary

Licensed Entity:

WFG NATIONAL TITLE INSURANCE COMPANY

See Attached HUD Sample for Additional Information

File:California HUD-1.pdf

Banking Information

• Bank account <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
• Checks stale dated after ___ days of issuance
• Good Funds Law All funds must be cleared – no de minimus amount
• Disbursements Requirements <<INSERT IF WFG REQUIRES CD?>>
• Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds)

Escrow/Settlement

• Who can prepare the HUD
• Who can sign the HUD (EO/LTP/Attorney) EO – but not a licensed designation
• Who orders hazard insurance Customary -
• When is transaction consummated for new HUDS
• Record before/after disburse Record then disburse
• Filed/restricted escrow rates Filed Escrow Rates
• Record retention requirements
• Is an attorney involved in the closing No
• Who can handle loan document signing Notary is acceptable
• Doc Prep Restrictions No; completion of standard documents is not UPL
• Use Escrow Instructions or not Yes
• Use Estimated HUD or Final Estimated
• Pass-thru charges Permitted
• Rates Inclusive or not Inclusive of search and exam
• Up Charging Must charge filed rates
• Junk Charges Must charge filed rates
• Special HUD Requirements
• Special Disclosures NHD(?)
• CPL Yes
• UPL Issues No
• Joinder of non-titled spouse Yes
• Survey Required
  • Purchase – No
  • Refinance – No

AUDITS

• Required Yes – annual; additional reports required filed quarterly with Commissioner; DOI can conduct an on-site audit

Recording Process

• E-recording County list of e-recording attached
• Record before disbursement Record first
• Special recording procedure

Recording/Document Requirements

• Marital Status Stated Yes
• Transfer Tax Yes
• Mortgage Tax No
• Address for grantor/grantee/property Property address on 1st page
• Witnesses Not required
• Names typed/printed Yes
• Prepared by/return to Preparer not required
• Notary Stamp/requirements California All-Purpose Acknowledgment required
• Parcel or tax index number Required on 1st page
• Recitation of Consideration
• Derivation Clause Required
• Corporate Signatures/Attestation
• Ink Color/Font Black or blue; 10 pt minimum
• Legal Description Include state, county and municipality in 1st paragraph
• Margins 2 ½” x 5” top right corner 1st page
• Other Special Recording: PCOR required with Deed; Recording coversheet required in most counties

Document Types

• Conveyance Grant Deed
• Security Instrument Deed of Trust
• Release Deed of Reconveyance

Tenancies

• Tenants in Common Yes
• Joint Tenants Yes
• Tenancy by Entireties No
• Community Property Yes
• Homestead Yes
• Joinder of Non-titled Spouse Yes (Interspousal Deed or Quitclaim Deed)

Taxes

• Taxes Levied
• Taxes due 11/1; 2/1
• Delinquent 12/10; 4/10

Commitment/Policy Special Requirements

• Who can sign Commitment/Policy No restrictions
• Other

Post Closing Requirements

• Recon follow up required