OH Operations Summary

Licensed Entity:

(02/11/2015)

• WFG LENDER SERVICES, LLC

(Must have brick and mortar in state to qualify for underwriter exemption to licensing)

• See Attached HUD Sample for Additional Information

Banking Information

(02/11/2015)

• Bank account -- 932529886
• Checks stale dated after -- ___ days of issuance
• Good Funds Law -- $1,000 de minimus
• 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 --