MO Operations Summary

Licensed Entity:

WFG LENDER SERVICES, LLC

• See Attached HUD Sample for Additional Information

Banking Information

• Bank account/LS -- 934084476/Chase Bank
• Good Funds Law -- <<INSERT ANY DE MINIMUS AMOUNT>>
• 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 -- Licensed Producer
• Who can sign the HUD (EO/LTP/Attorney) -- Licensed Producer
• 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 -- Non-standard documents need to be prepared by an attorney
• Use Escrow Instructions or not -- No
• Use Estimated HUD or Final -- Final
• Pass-thru charges -- Yes
• Rates Inclusive or not -- Not inclusive
• Up Charging -- Limited by RESPA
• Junk Charges -- Not prohibited
• Special HUD Requirements -- No
• Special Disclosures -- Yes – AFBA and other disclosures required
• CPL -- Required for lender, buyer and seller unless waived in writing
• UPL Issues --
• Joinder of non-titled spouse -- Yes
• Survey Required -- No

Audits

• Required -- Annual audit by underwriter

Recording Process

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

Recording/Document Requirements

• Marital Status Stated -- Yes
• Transfer Tax -- No
• Mortgage Tax -- No
• Address for grantor/grantee/property -- Grantees
• Witnesses -- No
• Names typed/printed -- Not required but customary
• Prepared by/return to -- Yes
• Notary Stamp/requirements --
• Parcel or tax index number -- No
• Recitation of Consideration -- Evidence of consideration required but not purchase price
• Derivation Clause -- No
• Corporate Signatures/Attestation -- No special requirements
• Ink Color/Font -- Black or dark ink; 8 pt; signatures must be in black or dark ink
• Legal Description -- No special requirements
• Margins -- 3” top margin; ¾” side and bottom margins
• Other Special Recording: -- City of St. Louis is its own recording jurisdiction and requires grantor and grantee to sign deeds.

Document Types

• Conveyance -- Warranty Deed; Quit Claim Deed; Transfer on Death Deed
• Security Instrument -- Mortgage or Deed of Trust
• Release -- Release or Satisfaction

Tenancies

• Tenants in Common -- Yes
• Joint Tenants -- Yes
• Tenancy by Entireties -- Yes
• Community Property -- No
• Homestead -- Yes
• Joinder of Non-titled Spouse -- Yes

Taxes

• Taxes Levied -- 1/1
• Taxes due -- Each county determines payment structure, which can be annual, semi-annual, or quarterly; does not apply to financial institutions that escrow taxes for borrowers. Lenders who escrow funds must make one annual payment before 11/1.
• Delinquent -- 1/1 of following year

Commitment/Policy Special Requirements

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

Post Closing Requirements

• Recon follow up required --