Difference between revisions of "OH Operations Summary"
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| − | + | ==Licensed Entity:== | |
| + | *WFG LENDER SERVICES, LLC | ||
| + | *See Attached HUD Sample for Additional Information | ||
| + | ==Banking Information== | ||
| + | *Bank account -- 932529886 | ||
| + | *Checks stale dated after -- ___ days of issuance | ||
| + | *Good Funds Law -- $1,000 | ||
| + | *Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>> | ||
| + | *Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- YES – OHIO IOTA ACCOUNT REQUIRED | ||
| + | ==Escrow/Settlement== | ||
| + | *Who can prepare the HUD -- Not restricted | ||
| + | *Who can sign the HUD (EO/LTP/Attorney) -- Not restricted | ||
| + | *Who orders hazard insurance -- Customary - | ||
| + | *When is transaction consummated for new HUDS -- | ||
| + | *Record before/after disburse -- Record first | ||
| + | *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 -- Doc prep is UPL – must have Ohio attorney prepare docs and attorney information appear on docs | ||
| + | *Use Escrow Instructions or not -- No | ||
| + | *Use Estimated HUD or Final -- Final | ||
| + | *Pass-thru charges -- Yes | ||
| + | *Rates Inclusive or not -- Not inclusive | ||
| + | *Up Charging -- Not restricted | ||
| + | *Junk Charges -- Not restricted | ||
| + | *Special HUD Requirements -- No | ||
| + | *Special Disclosures -- No | ||
| + | *CPL -- Yes | ||
| + | *UPL Issues -- Doc prep is UPL – must have Ohio attorney prepare docs and attorney information appear on docs | ||
| + | *Joinder of non-titled spouse -- Yes | ||
| + | *Survey Required -- | ||
| + | *Withholding taxes (similar to FIRPTA for State) -- None | ||
| + | ==AUDITS== | ||
| + | *Required -- Annual CPA audit of escrow accounts | ||
| + | ==Recording Process== | ||
| + | *E-recording -- County list of e-recording attached | ||
| + | *Record before disbursement -- Disburse first | ||
| + | *Special recording procedure -- <<WALK THRU??>> | ||
| + | ==Recording/Document Requirements== | ||
| + | *Marital Status Stated -- Yes | ||
| + | *Transfer Tax -- Yes | ||
| + | *Mortgage Tax -- No | ||
| + | *Address for grantor/grantee/property -- Grantor and Grantee required | ||
| + | *Witnesses -- | ||
| + | *Names typed/printed -- Required | ||
| + | *Prepared by/return to -- Required – Ohio attorney name and address | ||
| + | *Notary Stamp/requirements -- Stamp or seal required | ||
| + | *Parcel or tax index number -- | ||
| + | *Recitation of Consideration -- | ||
| + | *Derivation Clause -- | ||
| + | *Corporate Signatures/Attestation -- | ||
| + | *Ink Color/Font -- | ||
| + | *Legal Description -- | ||
| + | *Margins -- | ||
| + | *Other Special Recording: -- Prior deeds may be marked requiring a new survey for next conveyance. | ||
| + | ==Document Types== | ||
| + | *Conveyance -- Commonly Warranty Deed | ||
| + | *Security Instrument -- Mortgage | ||
| + | *Release -- Satisfaction of Mortgage by Lender. No mechanism for title agent/insurer to release | ||
| + | ==Tenancies== | ||
| + | *Tenants in Common -- Presumed | ||
| + | *Joint Tenants -- Can be expressly created | ||
| + | *Tenancy by Entireties -- Repealed in 1985 | ||
| + | *Community Property -- No | ||
| + | *Homestead -- Yes | ||
| + | *Joinder of Non-titled Spouse -- Yes | ||
| + | ==Taxes== | ||
| + | *Taxes Levied -- | ||
| + | *Due dates and delinquent dates vary by county. Most common are: | ||
| + | **Taxes due -- 6/20 and 12/20 | ||
| + | **Delinquent -- Delinquent 8/17 and 2/14 | ||
| + | ==Commitment/Policy Special Requirements== | ||
| + | *Who can sign Commitment/Policy -- Licensed Title Producer | ||
| + | *Other -- | ||
| + | ==Post Closing Requirements== | ||
| + | *Recon/Satisfaction follow up required -- | ||
Revision as of 19:43, 29 November 2014
Contents
Licensed Entity:
- WFG LENDER SERVICES, LLC
- See Attached HUD Sample for Additional Information
Banking Information
- Bank account -- 932529886
- Checks stale dated after -- ___ days of issuance
- Good Funds Law -- $1,000
- Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
- Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- YES – OHIO IOTA ACCOUNT REQUIRED
Escrow/Settlement
- Who can prepare the HUD -- Not restricted
- Who can sign the HUD (EO/LTP/Attorney) -- Not restricted
- Who orders hazard insurance -- Customary -
- When is transaction consummated for new HUDS --
- Record before/after disburse -- Record first
- 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 -- Doc prep is UPL – must have Ohio attorney prepare docs and attorney information appear on docs
- Use Escrow Instructions or not -- No
- Use Estimated HUD or Final -- Final
- Pass-thru charges -- Yes
- Rates Inclusive or not -- Not inclusive
- Up Charging -- Not restricted
- Junk Charges -- Not restricted
- Special HUD Requirements -- No
- Special Disclosures -- No
- CPL -- Yes
- UPL Issues -- Doc prep is UPL – must have Ohio attorney prepare docs and attorney information appear on docs
- Joinder of non-titled spouse -- Yes
- Survey Required --
- Withholding taxes (similar to FIRPTA for State) -- None
AUDITS
- Required -- Annual CPA audit of escrow accounts
Recording Process
- E-recording -- County list of e-recording attached
- Record before disbursement -- Disburse first
- Special recording procedure -- <<WALK THRU??>>
Recording/Document Requirements
- Marital Status Stated -- Yes
- Transfer Tax -- Yes
- Mortgage Tax -- No
- Address for grantor/grantee/property -- Grantor and Grantee required
- Witnesses --
- Names typed/printed -- Required
- Prepared by/return to -- Required – Ohio attorney name and address
- Notary Stamp/requirements -- Stamp or seal required
- Parcel or tax index number --
- Recitation of Consideration --
- Derivation Clause --
- Corporate Signatures/Attestation --
- Ink Color/Font --
- Legal Description --
- Margins --
- Other Special Recording: -- Prior deeds may be marked requiring a new survey for next conveyance.
Document Types
- Conveyance -- Commonly Warranty Deed
- Security Instrument -- Mortgage
- Release -- Satisfaction of Mortgage by Lender. No mechanism for title agent/insurer to release
Tenancies
- Tenants in Common -- Presumed
- Joint Tenants -- Can be expressly created
- Tenancy by Entireties -- Repealed in 1985
- Community Property -- No
- Homestead -- Yes
- Joinder of Non-titled Spouse -- Yes
Taxes
- Taxes Levied --
- Due dates and delinquent dates vary by county. Most common are:
- Taxes due -- 6/20 and 12/20
- Delinquent -- Delinquent 8/17 and 2/14
Commitment/Policy Special Requirements
- Who can sign Commitment/Policy -- Licensed Title Producer
- Other --
Post Closing Requirements
- Recon/Satisfaction follow up required --
