AL Operations Summary

Licensed Entity:

WFG NATIONAL TITLE INSURANCE COMPANY

See Attached HUD Sample for Additional Information

File:Alabama HUD-1.pdf

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 Mortgage tax in Alabama is $1.50 per $1,000.00
• 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 acquisition documents. A spouse not in title to the property must join in the conveyance/mortgage if the property is their homestead property.

Taxes

• Taxes Levied
• Taxes due 10/1
• Delinquent 1/1

Commitment/Policy Special Requirements

• Who can sign Commitment/Policy Employee of Insurer OK;
• Other

Payment Customs

Left to negotiation and contract

Post Closing Requirements

• Recon follow up required

Initial draft thanks to Deb Everett, Summer 2014