Difference between revisions of "AL Operations Summary"
From WFG Wiki
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*Special Disclosures -- No | *Special Disclosures -- No | ||
*CPL Yes | *CPL Yes | ||
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*Joinder of non-titled spouse Yes on refinance; no on purchase documents | *Joinder of non-titled spouse Yes on refinance; no on purchase documents | ||
| − | *Survey state Purchase – not on platted residential | + | *Survey state Purchase – |
| − | Refinance – not required | + | **not required on platted residential |
| + | **Refinance – not required | ||
==Audits== | ==Audits== | ||
Revision as of 15:35, 30 October 2014
Contents
Licensed Entity:
WFG NATIONAL TITLE INSURANCE COMPANY
See Attached HUD Sample for Additional Information
Banking Information
- Bank account/CD 4120780168/Wells Fargo Bank
- Bank account/LS 934084476/Chase Bank
- Good Funds Law
- Disbursements Requirements
- Special Bank Requirements (IOLTA or IOTA or account specific to that state’s funds) No
Escrow/Settlement
- Who can prepare the HUD No restrictions
- Who can sign the HUD (EO/LTP/Attorney) ?????
- 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 No
- Is an attorney involved in the closing No
- Who can handle loan document signing Notary signing acceptable
- Doc Prep Required by Attorney per State Statute Doc Prep is UPL; simple affidavits OK
- Use Escrow Instructions or not No
- Use Estimated HUD or Final Final only
- Pass-thru charges No special restrictions
- Rates Inclusive or not Not inclusive
- Up Charging No special restrictions
- Junk Charges No special restrictions
- Special HUD Requirements No
- Special Disclosures -- No
- CPL Yes
- Joinder of non-titled spouse Yes on refinance; no on purchase documents
- Survey state Purchase –
- not required on platted residential
- Refinance – not required
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 Required for Grantors/Mortgagors
- Transfer Tax Yes
- Mortgage Tax Yes
- Address for grantor/grantee/property Grantee (for tax statements)
- Witnesses Not required if notarized
- Names typed/printed Yes
- Prepared by/return to Yes
- Notary Stamp/requirements Name typed/printed under signature; date of expiration of commission and seal or stamp
- Parcel or tax index number
- Recitation of Consideration
- Derivation Clause Required
- Corporate Signatures/Attestation
- Ink Color/Font
- Legal Description Must contain the plat or reference the plat book/page if description references a plat
- Margins
- Other Special Recording: Recordings are done in the office of the Judge of Probate; Tuscaloosa County requires derivation
Document Types
- Conveyance Warranty Deed, Limited Warranty Deed, Special Warranty Deed and Quit Claim Deed
- Security Instrument Mortgage or Deed of Trust
- Release Satisfaction or Release
Tenancies
- Tenants in Common Yes
- Joint Tenants Yes
- Tenancy by Entireties No
- Community Property No
- Homestead
- Joinder of Non-titled Spouse Yes on refinance; no on purchase documents
Taxes
- Taxes Levied
- Taxes due 10/1
- Delinquent 1/1
Commitment/Policy Special Requirements
- Who can sign Commitment/Policy Employee of Insurer OK;
- Other
Post Closing Requirements
- Recon follow up required
Initial draft thanks to Deb Everett, Summer 2014
