VA Operations Summary

Licensed Entity:

(02/11/2015)

• WFG National Title Insurance Company (Licensed under RESA)
• WFG Lender Services, LLC (Licensed under RESA)
• See Attached HUD Sample for Additional Information

Banking Information

(02/11/2015)

• Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
• Checks stale dated after -- ___ days of issuance
• Good Funds Law -- Collected/available funds required – no de minimus
• Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
• Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- RESA Account required- state segregated, VA domestic account

Escrow/Settlement

(02/11/2015)

• 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 then disburse
• Filed/restricted escrow rates -- No
• Record retention requirements -- Title 3 years/Escrow 5 years
• Is an attorney involved in the closing -- No
• Who can handle loan document signing -- Notary
• Doc Prep Restrictions -- Yes – 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 -- Not inclusive
• Up Charging -- Not regulated
• Junk Charges -- Not regulated
• Special HUD Requirements -- No
• Special Disclosures -- No
• CPL -- Yes
• UPL Issues -- Doc prep is UPL
• Joinder of non-titled spouse -- No
• Survey Required -- Owners Policy – Yes; Loan Policy – No

Audits

(02/11/2015)

• Required -- Yes, annual required

Recording Process

(02/11/2015)

• E-recording --
• Record before disbursement -- Record then disburse
• Special recording procedure -- Various coversheets and forms

==Recording/Document Requirements (02/11/2015)

• Marital Status Stated -- No
• Transfer Tax -- Yes details in VA Underwriting Section
• Mortgage Tax – Yes details in VA Underwriting Section

• Address for grantor/grantee/property -- Names to be indexed must appear in 1st paragraph; Surnames/Business in all caps or underlined
• Witnesses -- Not required, acknowledgement only
• Names typed/printed -- Required
• Prepared by/return to -- Preparer name, address, signature; must state if prepared outside of VA
• Notary Stamp/requirements --
• Parcel or tax index number -- Required
• Recitation of Consideration -- Required
• Derivation Clause -- Required
• Corporate Signatures/Attestation --
• Ink Color/Font -- Black/10 pt
• Legal Description --
• Margins -- 1” all
• Other Special Recording: --

Document Types

(02/11/2015)

• Conveyance -- General Warranty Deed, Special Warranty Deed
• Security Instrument -- Deed of Trust
• Release -- Deed of Release, Certificate of Satisfaction

Tenancies

(02/11/2015)

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

Taxes

(02/11/2015)

• Taxes Levied -- Varies by County
• Taxes due -- Varies by county
• Tax Year -- Calendar
• Delinquent --

Commitment/Policy Special Requirements

(02/11/2015)

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

Payment Customs

(02/11/2015)

• Buyer pays for title insurance
• seller pays grantor’s tax; buyer pays all others
• Buyer pays for survey
• each pays for their own closing services provided

==Post Closing Requirements

• Recon follow up required --

Withholding Requirements

No withholding, but form must be filed on non-residents.