UT Operations Summary

Licensed Entity:

(02/11/2015)

WFG Lender Services, LLC (Must have resident employee)

Banking Information

(02/11/2015)

• Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
• Checks stale dated after -- ___ days of issuance
• Good Funds Law -- $500 de minimus
• Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
• Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- Bank must do business in Utah

Escrow/Settlement

(02/11/2015)

• Who can prepare the HUD --
• Who can sign the HUD (EO/LTP/Attorney) --
• Who orders hazard insurance -- Customary -
• When is transaction consummated for new HUDS --
• Record before/after disburse -- ???
• Filed/restricted escrow rates -- If yes, see <<HUD OR SEPARATE SHEET>>
• Record retention requirements --
• Is an attorney involved in the closing -- No
• Who can handle loan document signing -- Notary
• Doc Prep Restrictions -- Doc prep is not UPL
• Use Escrow Instructions or not -- ???
• Use Estimated HUD or Final -- ???
• Pass-thru charges --
• Rates Inclusive or not -- Inclusive – search and exam included. Additional fee charged if property includes multiple parcels located in a different block, section or county or when the parcels are not under common ownership.
• Up Charging --
• Junk Charges --
• Special HUD Requirements --
• Special Disclosures --
• CPL --
• UPL Issues --
• Joinder of non-titled spouse -- Required if homestead declaration has been recorded
• Survey Required -- Purchase – negotiable

Refinance – not required

Audits

• Required -- Annual Report must be filed;

Recording Process

• E-recording -- County list of e-recording attached
• Record before disbursement --
• Special recording procedure -- <<WALK THRU??>>

Recording/Document Requirements

• Marital Status Stated -- Not required
• Transfer Tax -- No
• Mortgage Tax -- No
• Address for grantor/grantee/property -- Address for each party is required
• Witnesses -- Not required
• Names typed/printed -- Required
• Prepared by/return to -- Name and Address of Preparer
• Notary Stamp/requirements -- Stamp required
• Parcel or tax index number -- Generally required
• Recitation of Consideration --
• Derivation Clause -- Required
• Corporate Signatures/Attestation --
• Ink Color/Font --
• Legal Description --
• Margins -- 3.5” x 5” top right; 1” all other pages
• Other Special Recording: --

Document Types

• Conveyance -- Warranty Deed, Quit Claim Deed, Special Warranty Deed
• Security Instrument -- Trust Deed or Mortgage
• Release -- Reconveyance

Tenancies

• Tenants in Common -- Yes
• Joint Tenants -- Yes – presumed when Husband and Wife Grantee after 5/5/1997
• Tenancy by Entireties -- Yes
• Community Property -- No
• Homestead -- Yes
• Joinder of Non-titled Spouse -- A non-title spouse does not have to join in the execution of a deed or security instrument unless a homestead declaration has been recorded pursuant to Utah Code Ann. § 78-23-4

Taxes

• Taxes Levied -- Current calendar year
• Taxes due -- 10/30
• Delinquent -- 11/30

==Commitment/Policy Special Requirements

• Who can sign Commitment/Policy -- An officer of the issuing title agency may provide any countersignature to a policy or endorsement. See Notes on other requirements under “Odd Stuff”
• Other --

Payment Customs

Per standard contract:

• Seller pays for owners policy
• Buyer & Seller pay for their own recording fees and escrow fees
• Settlement fee is split 50/50
• Recording of deed and Deed of Trust paid by Buyer
• No Transfer Tax
• Survey paid as may be negotiated

Post Closing Requirements

• Recon follow up required –

Withholding Requirements

None