WI Operations Summary

Licensed Entity:

• See Attached HUD Sample for Additional Information

Banking Information

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

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 -- Disburse then record
• Filed/restricted escrow rates -- No
• Record retention requirements -- 3 years title
• Is an attorney involved in the closing -- No
• Who can handle loan document signing -- Notary
• Doc Prep Restrictions -- Doc prep is UPL
• Use Escrow Instructions or not -- No
• Use Estimated HUD or Final -- Final
• Pass-thru charges -- Not regulated
• Rates Inclusive or not -- Inclusive of search and exam
• Up Charging -- Not regulated
• Junk Charges -- Not regulated
• Special HUD Requirements -- No
• Special Disclosures -- No
• CPL -- Yes
• UPL Issues -- Doc prep
• Joinder of non-titled spouse -- Yes on refinance and sale of homestead property. Exception joinder of non-titled spouse not required for Purchase Money Mortgage. Wisc. Stat. 706.02(1)(f)
• Survey Required -- Owners – Yes; Loan – No

Audits

• Required -- No

Recording Process

• E-recording --
• Record before disbursement --
• Special recording procedure -- Transfer form with deeds

Recording/Document Requirements

• Marital Status Stated -- No
• Transfer Tax – Yes 30 cents for each $100 of value or fraction thereof Wis. Stat. Sec. 77.22 et seq.
• Mortgage Tax -- No
• Address for grantor/grantee/property --
• Witnesses -- None required
• Names typed/printed -- Required
• Prepared by/return to -- Prepare name, address, phone#; special language required
• Notary Stamp/requirements --
• Parcel or tax index number -- Yes – 1st page
• Recitation of Consideration --
• Derivation Clause -- Required
• Corporate Signatures/Attestation --
• Ink Color/Font --
• Legal Description -- State/county/municipality/subdivision & Map in 1st paragraph
• Margins -- 3” 1st page, ¼” all others
• Other Special Recording: --

Document Types

• Conveyance --
• Security Instrument -- Mortgage
• Release -- Satisfaction or Release of Mortgage

Tenancies

• Tenants in Common -- Yes
• Joint Tenants -- Yes
• Tenancy by Entireties -- No
• Community Property -- No
• Homestead -- Yes
• Joinder of Non-titled Spouse -- Spousal Joinder is required on refinance and sale of homestead property. Exception joinder of non-titled spouse not required for Purchase Money Mortgage. Wisc. Stat. 706.02(1)(f)

Taxes

• Taxes Levied --
• Taxes due -- 1/31 & 7/31
• Delinquent -- 2/1 & 8/1

Commitment/Policy Special Requirements

• Who can sign Commitment/Policy -- Licensed Title Producer
• Other –

Payment Customs

• Standard Residential Purchase Agreement calls for Seller to pay for owners policy
• Grantor is responsible by statute for the Transfer Tax (Wis. Stat. Sec. 77.22). Recording fee charges will vary depending on what is needed.
• Survey Charges are negotiable.
• In a sale, both buyer and seller can have their own closing charge.

Post Closing Requirements

• Recon follow up required –

Withholding Requirements

None