ID Operations Summary

Licensed Entity:

(02/11/2015)

WFG National Title Insurance Company (closing only - must be an insured transaction) WFG Lender Services, LLC (ID licensed escrow company)

• See Attached HUD Sample for Additional Information File:Idaho HUD-1.pdf

Banking Information

(02/11/2015)

• Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
• Checks stale dated after -- ___ days of issuance
• Good Funds Law -- Yes
• Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
• Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- Must be domestic bank

Escrow/Settlement

(02/11/2015)

• Who can prepare the HUD -- Escrow Officer
• Who can sign the HUD (EO/LTP/Attorney) -- Escrow Officer
• Who orders hazard insurance -- Customary – consumer
• When is transaction consummated for new HUDS -- Recording
• Record before/after disburse -- Record first
• Filed/restricted escrow rates -- Yes – filed by agents
• Record retention requirements -- 5 years for title and escrow
• Is an attorney involved in the closing -- No
• Who can handle loan document signing -- Notary
• Doc Prep Restrictions -- Doc prep is not UPL
• Use Escrow Instructions or not -- Yes
• Use Estimated HUD or Final -- Final
• Pass-thru charges -- Filed rates
• Rates Inclusive or not -- Inclusive of search and exam
• Up Charging -- Filed rates
• Junk Charges -- Filed rates
• Special HUD Requirements -- No
• Special Disclosures --
• CPL -- No charges for CPL
• UPL Issues -- No
• Joinder of non-titled spouse -- Yes
• Survey Required -- Purchase – yes for extended coverage

Refinance – no

Audits

(02/11/2015)

• Required -- ID DOI requires a DOI audit every 3 years – paid for by agent

Recording Process

(02/11/2015)

• E-recording --
• Record before disbursement -- Yes
• Special recording procedure --

Recording/Document Requirements

(02/11/2015)

• Marital Status Stated -- Yes
• Transfer Tax -- No
• Mortgage Tax -- No
• Address for grantor/grantee/property -- Property – Yes
• Witnesses -- -- Not required on deed or security instrument. document must be properly acknowledged for recording. IC 55-805.
• Names typed/printed -- Yes
• Prepared by/return to -- Yes
• Notary Stamp/requirements -- Stamp required
• Parcel or tax index number --
• Recitation of Consideration --
• Derivation Clause --
• Corporate Signatures/Attestation --
• Ink Color/Font -- Blue – no specific font
• Legal Description --
• Margins -- Space for recorders stamp on 1st page
• Other Special Recording: --

Document Types

• Conveyance -- Warranty Deed, Special Warranty Deed, Quit Claim Deed, Grant Deed
• Security Instrument -- Mortgage or Trust Deed (DT under 80 acres IC 45-1502(5))
• Release -- Release or Satisfaction

Payment Customs

Under terms of the standard Purchase Contract, seller pays for the owner’s policy. The seller and buyer will pay for their respective recording fees and escrow fees.

Tenancies

• Tenants in Common -- Yes
• Joint Tenants -- Yes
• Tenancy by Entireties -- Not recognized
• Community Property -- Yes
• Homestead -- Yes
• Joinder of Non-titled Spouse -- Yes

Idaho is a community property state, so non-title spouse must join in the execution of deeds or security instruments on all community property. Because of difficulty in determining community property status, custom to have a non-title spouse either join in the execution of a deed or security instrument or separately convey.

Taxes

• Taxes Levied -- 1/1
• Taxes due -- 1st half due Nov. 20th/2nd half due June 20th
• Delinquent -- 1st half delinquent Dec. 20th/2nd half June 20th

Commitment/Policy Special Requirements

• Who can sign Commitment/Policy -- A person, partnership, corporation or agency owning & maintaining a complete set of tract indexes or abstract records of the County in which such property is located. IC 41-2702
• Other --

Post Closing Requirements

• Recon follow up required -- Yes