Difference between revisions of "MI Operations Summary"
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| − | ==Licensed Entity: | + | ==Licensed Entity:== |
| − | + | *See Attached HUD Sample for Additional Information | |
| − | See Attached HUD Sample for Additional Information | + | ==Banking Information== |
| − | + | *Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>> | |
| − | ==Banking Information == | + | *Checks stale dated after -- ___ days of issuance |
| − | Bank account <<INSERT ACCOUNT #/ROUTING #/BANK NAME>> | + | *Good Funds Law -- No statute |
| − | Checks stale dated after ___ days of issuance | + | *Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>> |
| − | Good Funds Law No statute | + | *Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- None |
| − | Disbursements Requirements <<INSERT IF WFG REQUIRES CD?>> | + | ==Escrow/Settlement== |
| − | Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) None | + | *Who can prepare the HUD -- No restrictions |
| − | ==Escrow/Settlement == | + | *Who can sign the HUD (EO/LTP/Attorney) -- No restrictions |
| − | Who can prepare the HUD No restrictions | + | *Who orders hazard insurance -- Customary - |
| − | Who can sign the HUD (EO/LTP/Attorney) No restrictions | + | *When is transaction consummated for new HUDS -- |
| − | Who orders hazard insurance Customary - | + | *Record before/after disburse -- Disburse then record |
| − | When is transaction consummated for new HUDS | + | *Filed/restricted escrow rates -- No |
| − | Record before/after disburse Disburse then record | + | *Record retention requirements -- |
| − | Filed/restricted escrow rates No | + | *Is an attorney involved in the closing -- No |
| − | Record retention requirements | + | *Who can handle loan document signing -- Notary |
| − | Is an attorney involved in the closing No | + | *Doc Prep Restrictions -- Fill in blanks on insured transaction at no charge is OK |
| − | Who can handle loan document signing Notary | + | *Use Escrow Instructions or not -- No |
| − | Doc Prep Restrictions Fill in blanks on insured transaction at no charge is OK | + | *Use Estimated HUD or Final -- Final |
| − | Use Escrow Instructions or not No | + | *Pass-thru charges -- No restrictions |
| − | Use Estimated HUD or Final Final | + | *Rates Inclusive or not -- Inclusive of Search and exam |
| − | Pass-thru charges No restrictions | + | *Up Charging -- No restrictions |
| − | Rates Inclusive or not Inclusive of Search and exam | + | *Junk Charges -- No restrictions |
| − | Up Charging No restrictions | + | *Special HUD Requirements -- No |
| − | Junk Charges No restrictions | + | *Special Disclosures -- No |
| − | Special HUD Requirements No | + | *CPL -- |
| − | Special Disclosures No | + | *UPL Issues -- Fill in blanks on insured transaction at no charge is OK Attorney involvement is not required for title searches or issuance of policies. However, an attorney must draft “non-form” instruments if the seller is unwilling to act as drafter. |
| − | CPL | + | *Joinder of non-titled spouse -- The non-owning spouse must join in a mortgage other than a purchase money mortgage. The non-owning spouse is not required to join in a purchase money mortgage. A non-owning wife must sign on a deed to sell property to release her Dower interest, but a non-owning husband does not need to join in on a conveyance by the wife. Michigan does not recognize civil unions. |
| − | UPL Issues Fill in blanks on insured transaction at no charge is OK | + | *Survey Required -- No |
| − | Joinder of non-titled spouse | ||
| − | Survey Required No | ||
==Audits== | ==Audits== | ||
| − | + | *Required -- | |
| − | Required | + | ==Recording Process== |
| − | + | *E-recording -- | |
| − | ==Recording Process == | + | *Record before disbursement -- Disburse then record |
| − | E-recording | + | *Special recording procedure -- Transfer Affidavit/Tax Affidavit |
| − | Record before disbursement Disburse then record | ||
| − | Special recording procedure Transfer Affidavit/Tax Affidavit | ||
==Recording/Document Requirements== | ==Recording/Document Requirements== | ||
| − | Marital Status Stated Yes | + | *Marital Status Stated -- Yes |
| − | Transfer Tax Yes | + | *Transfer Tax -- Yes $7.50 per thousand for State; plus $1.10 per thousand for County |
| − | Mortgage Tax NO | + | *Mortgage Tax -- NO |
| − | Address for grantor/grantee/property All parties required | + | *Address for grantor/grantee/property -- All parties required |
| − | Witnesses | + | *Witnesses -- No longer required. |
| − | Names typed/printed Yes | + | *Names typed/printed -- Yes |
| − | Prepared by/return to Name and address of preparer required | + | *Prepared by/return to -- Name and address of preparer required |
| − | Notary Stamp/requirements Special notary block | + | *Notary Stamp/requirements -- Special notary block |
| − | Parcel or tax index number Required in legal | + | *Parcel or tax index number -- Required in legal |
| − | Recitation of Consideration | + | *Recitation of Consideration -- |
| − | Derivation Clause Yes | + | *Derivation Clause -- Yes |
| − | Corporate Signatures/Attestation | + | *Corporate Signatures/Attestation -- |
| − | Ink Color/Font Black/ 10 pt minimum | + | *Ink Color/Font -- Black/ 10 pt minimum |
| − | Legal Description State/county/municipality in 1st paragraph | + | *Legal Description -- State/county/municipality in 1st paragraph |
| − | Margins 2/5” top 1st page; .5” all others | + | *Margins -- 2/5” top 1st page; .5” all others |
| − | Other Special Recording: Transfer Affidavit/Tax Affidavit | + | *Other Special Recording: -- Transfer Affidavit/Tax Affidavit |
==Document Types== | ==Document Types== | ||
| − | Conveyance Warranty Deed, Quitclaim Deed, Covenant Deed | + | *Conveyance -- Warranty Deed, Quitclaim Deed, fiduciary deeds, Covenant DeedA limited warranty deed or Special Warranty Deed cannot be used in Michigan because statutes prohibit the limiting of warranties. |
| − | Security Instrument Mortgage | + | *Security Instrument -- Mortgage |
| − | Release Discharge of Mortgage | + | *Release -- Discharge of Mortgage |
==Tenancies== | ==Tenancies== | ||
| − | Tenants in Common Yes | + | *Tenants in Common -- Yes |
| − | Joint Tenants No | + | *Joint Tenants -- No |
| − | Tenancy by Entireties Yes | + | *Tenancy by Entireties -- Yes |
| − | Community Property No | + | *Community Property -- No |
| − | Homestead Yes | + | *Homestead -- Yes |
| − | Joinder of Non-titled Spouse | + | *Joinder of Non-titled Spouse -- Mixed Rules. The non-owning spouse must join in a mortgage other than a purchase money mortgage. The non-owning spouse is not required to join in a purchase money mortgage. A non-owning wife must sign on a deed to sell property to release her Dower interest, but a non-owning husband does not need to join in on a conveyance by the wife. Michigan does not recognize civil unions. |
==Taxes== | ==Taxes== | ||
| − | Taxes Levied WARNING – Major property tax claims in MI | + | *Taxes Levied -- WARNING – Major property tax claims in MI |
| − | Taxes due | + | *Taxes due -- |
| − | Delinquent | + | *Delinquent -- |
==Commitment/Policy Special Requirements== | ==Commitment/Policy Special Requirements== | ||
| − | Who can sign Commitment/Policy Licensed Title Producer | + | *Who can sign Commitment/Policy -- Licensed Title Producer |
| − | Other | + | *Other -- |
| + | ==Payment Customs== | ||
| + | *Seller pays Owner’s policy | ||
| + | *Seller pays Transfer tax and recording fee | ||
| + | *Seller pays Survey charges | ||
| + | *Buyer pays Closing/settlement charges | ||
==Post Closing Requirements== | ==Post Closing Requirements== | ||
| − | Recon follow up required | + | *Recon follow up required -- |
| − | |||
| − | |||
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Revision as of 16:44, 28 October 2014
Contents
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 Attorney involvement is not required for title searches or issuance of policies. However, an attorney must draft “non-form” instruments if the seller is unwilling to act as drafter.
- Joinder of non-titled spouse -- The non-owning spouse must join in a mortgage other than a purchase money mortgage. The non-owning spouse is not required to join in a purchase money mortgage. A non-owning wife must sign on a deed to sell property to release her Dower interest, but a non-owning husband does not need to join in on a conveyance by the wife. Michigan does not recognize civil unions.
- 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 $7.50 per thousand for State; plus $1.10 per thousand for County
- Mortgage Tax -- NO
- Address for grantor/grantee/property -- All parties required
- Witnesses -- No longer required.
- 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, fiduciary deeds, Covenant DeedA limited warranty deed or Special Warranty Deed cannot be used in Michigan because statutes prohibit the limiting of warranties.
- 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 -- Mixed Rules. The non-owning spouse must join in a mortgage other than a purchase money mortgage. The non-owning spouse is not required to join in a purchase money mortgage. A non-owning wife must sign on a deed to sell property to release her Dower interest, but a non-owning husband does not need to join in on a conveyance by the wife. Michigan does not recognize civil unions.
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 --
Payment Customs
- Seller pays Owner’s policy
- Seller pays Transfer tax and recording fee
- Seller pays Survey charges
- Buyer pays Closing/settlement charges
Post Closing Requirements
- Recon follow up required --
