WI Operations Summary

Licensed Entity:

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

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

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

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)

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.

None