FL Operations Summary

Licensed Entity:

WFGNTIC/WFG LS

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 Yes, 69o186.008 $500 de minimus with "a reasonable and prudent belief that the instrument will clear"
Disbursements Requirements -- None set forth in statute, Regulator does check for match between HUD & disbursements in audit.
Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds). Segregated account/domestic bank. IOLTA required for attorney/law firm. No IOTA required for agency. Regulator frowns upon interest bearing accounts for benefit of agent, unless approved by customer in advance.

Escrow/Settlement

Who can prepare the HUD Not restricted
Who can sign the HUD (EO/LTP/Attorney) No Restrictions; WFGNTIC – no requirements
Who orders hazard insurance Customary - Buyer/Borrower
When is transaction consummated for new HUDs - At signing
Record before/after disburse -- Disburse then record
Filed/restricted escrow rates No
Record retention requirements 7 years title/5 years escrow
Is an attorney involved in the closing Not required.
Who can handle loan document signing Notary
Doc Prep Restrictions -- As long as in connection with an insured closing and at no charge, agent can prepare standard documents
Use Escrow Instructions or not - No
Use Estimated HUD or Final - Final
Pass-thru charges - At cost
Rates Inclusive or not -- Not inclusive
Up Charging - No
Junk Charges - No Florida limits charges paid to agent to Premium, Closing Services and Search.
Special HUD Requirements
Special Disclosures
CPL - No charge. Form is not ALTA standard.
UPL Issues If no title insurance, then doc prep and Closing are UPL
Joinder of non-titled spouse - Yes, if homestead
Survey Required -- Yes

Per DoI letter, survey exception may not be removed and survey coverage (ALTA 9, etc.) may not be given without a survey in the possession of the issuing agent. This may be satisfied with a current survey, or older survey and a "no changes" affidavit.

This is the case for Owners and Loan policies.

Audit

Required Monthly 3-way reconciliation of trust accounts submitted to each appointing insurer [F.A.C. 69o186.009]
Annual Policy Audit Required F.S. 627.7773

Recording Process

E-recording -- Permitted, available in many counties. Florida has passed UPRERA F.S. 695.27
Record before disbursement? Disburse then record
Special recording procedure
- Certificate of Occupancy/Vacant Property Registrations required in some counties
- Buyer must apply for homestead exemption status after closing.

Recording/Document Requirements

Marital Status Stated Required along with homestead statement. If Homestead, spouse must join in conveyance/mortgage even if not in title.
Transfer Tax Yes Documentary stamp tax on both mortgage and deed
Mortgage Tax Yes. Separate intangible tax at 2 mils
Address for grantor/grantee/property Borrower address required
Witnesses 2 [689.01]
Names typed/printed Yes Requirements are set forth in [695.26]
Prepared by/return to Preparer info required
Notary Stamp/requirements
Parcel or tax index number 1st page
Recitation of Consideration Nominal Consideration Customary. “$10 & Other good and valuable consideration”
Derivation Clause -- Not Customary
Corporate Signatures/Attestation -- By President, VP, CEO w/o resolution. No Witnesses required for Corp deed, if Corp Seal. Better practice is to have 2 witnesses regardless. See [692.01]
Ink Color/Font Black/ 9 pt minimum
Legal Description State/county/municipality in 1st paragraph
Margins 3” x 3” top right; 1” all others
Other Special Recording: Certificate of Occupancy/Vacant Property Registrations

Document Types

Conveyance Types -- Warranty Deed, Special Warranty Deed, Quit Claim. (Trustees and P.R. Deed are variant of SWD).
Security Instrument -- Mortgage
Release -- Satisfaction of Mortgage

Tenancies

Tenants in Common -- Yes
Joint Tenants -- Recognized if proper language. Survivorship must be set out clearly
Life Estates are recognized. Residuary of traditional Life Estates are vested. “Lady Bird Deeds” recognized w/o rights in residuary.
Tenancy by Entireties -- Automatic if acquired by H&W, whether or not stated. Better practice to show marital status.
Community Property -- No
Homestead -- Yes – see discussion in FL Underwriting Summary
Joinder of Non-titled Spouse -- Required, if homestead

Taxes

Taxes Levied Jan 1, Amount determined usually about August.
Taxes due First payable on Nov 1 of the year of assessment (with discount), past due April 1 following year.
Delinquent April 1 of year following assessment

Commitment/Policy Special Requirements

Who can sign Commitment/Policy? -- Licensed Title agent with appointment or FL Bar attorney with appointment; no restrictions on underwriter

Payment Customs

Who pays for Owner’s policy varies throughout the state depending on the county where the property is located. Miami-Dade reverts to credit for abstract, most counties Seller Pays.

Post Closing Requirements

Recon follow up Not required by law or rule. But is considered good practice.
Title Insurer has authority to issue satisfaction. WFG does not delegate that authority to agents.