OH Operations Summary

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Revision as of 14:14, 11 December 2014 by Abfields (talk | contribs) (Banking Information)

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 -- An Ohio account is required for processing all Ohio escrows, WFG offices will use Centralized Disbursement and the Ohio accounts.
  • 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 --

Payment Customs

Ohio is a mixed bag. Which party pays for what may always be set by contract.

  • In central Ohio, the seller pays for the search and a homeowners policy in residential, buyer pays everything else.
  • In Southwest Ohio, it’s seller pay and most don’t get an owners policy.
  • In Northeast Ohio, seller pays part of it.
  • In Northwest Ohio, the contracts are all over the board.
  • In Southeast Ohio, most get attorneys opinions or a homegrown record title product known as a Title Guaranty.

Post Closing Requirements

  • Recon/Satisfaction follow up required --