CA Regulatory Summary

Licensed Entity:

WFG NATIONAL TITLE INSURANCE COMPANY

See Attached HUD Sample for Additional Information

Bank account <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
Checks stale dated after ___ days of issuance
Good Funds Law All funds must be cleared – no de minimus amount
Disbursements Requirements <<INSERT IF WFG REQUIRES CD?>>
Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds)

Who can prepare the HUD
Who can sign the HUD (EO/LTP/Attorney) EO – but not a licensed designation
Who orders hazard insurance Customary -
When is transaction consummated for new HUDS
Record before/after disburse -- Record then disburse
Filed/restricted escrow rates -- Filed Escrow Rates
Record retention requirements
Is an attorney involved in the closing -- No
Who can handle loan document signing -- Notary is acceptable
Doc Prep Restrictions -- No; completion of standard documents is not UPL
Use Escrow Instructions or not -- Yes
Use Estimated HUD or Final -- Estimated
Pass-thru charges -- Permitted
Rates Inclusive or not -- Inclusive of search and exam
Up Charging -- Must charge filed rates
Junk Charges -- Must charge filed rates, Premium includes search and examination so no separate fee permitted .
Special HUD Requirements
Special Disclosures NHD(?)
CPL -- Yes
UPL Issues -- No
Joinder of non-titled spouse -- Yes
Survey Required
- Purchase – No
- Refinance – No
Withholding -- CAL FIRPTA requires withholding of three and one/third percent of the sales price.

Required Yes – annual; additional reports required filed quarterly with Commissioner; DOI can conduct an on-site audit

Marital Status Stated Yes
Transfer Tax Yes
Mortgage Tax No
Address for grantor/grantee/property Property address on 1st page
Witnesses Not required
Names typed/printed Yes
Prepared by/return to Preparer not required
Notary Stamp/requirements California All-Purpose Acknowledgment required
Parcel or tax index number Required on 1st page
Recitation of Consideration
Derivation Clause Required
Corporate Signatures/Attestation
Ink Color/Font Black or blue; 10 pt minimum
Legal Description Include state, county and municipality in 1st paragraph
Margins 2 ½” x 5” top right corner 1st page
Other Special Recording: PCOR required with Deed; Recording coversheet required in most counties

Largely a matter of contract:

Owners policy custom varies from county to county from seller paid to buyer paid to split 50/50;
county transfer tax is generally paid by the seller; as to city transfer tax either the seller pays or split 50/50; seller generally pays for recording the deed and buyer for the deed of trust;
survey is paid by party that needs/requests it;
closing/settlement/escrow fees as to most counties, but not all, are paid by buyer or split 50/50.