MI Operations Summary

Licensed Entity:

Bank account -- <<INSERT ACCOUNT #/ROUTING #/BANK NAME>>
Checks stale dated after -- ___ days of issuance
Good Funds Law -- No statute
Disbursements Requirements -- <<INSERT IF WFG REQUIRES CD?>>
Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) -- None

Who can prepare the HUD -- No restrictions
Who can sign the HUD (EO/LTP/Attorney) -- No restrictions
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 --
Is an attorney involved in the closing -- No
Who can handle loan document signing -- Notary
Doc Prep Restrictions -- Fill in blanks on insured transaction at no charge is OK
Use Escrow Instructions or not -- No
Use Estimated HUD or Final -- Final
Pass-thru charges -- No restrictions
Rates Inclusive or not -- Inclusive of Search and exam
Up Charging -- No restrictions
Junk Charges -- No restrictions
Special HUD Requirements -- No
Special Disclosures -- No
CPL --
UPL Issues -- Fill in blanks on insured transaction at no charge is OK Attorney involvement is not required for title searches or issuance of policies. However, an attorney must draft “non-form” instruments if the seller is unwilling to act as drafter.
Joinder of non-titled spouse -- The non-owning spouse must join in a mortgage other than a purchase money mortgage. The non-owning spouse is not required to join in a purchase money mortgage. A non-owning wife must sign on a deed to sell property to release her Dower interest, but a non-owning husband does not need to join in on a conveyance by the wife. Michigan does not recognize civil unions.
Survey Required -- No

Marital Status Stated -- Yes
Transfer Tax -- Yes $7.50 per thousand for State; plus $1.10 per thousand for County
Mortgage Tax -- NO
Address for grantor/grantee/property -- All parties required
Witnesses -- No longer required.
Names typed/printed -- Yes
Prepared by/return to -- Name and address of preparer required
Notary Stamp/requirements -- Special notary block
Parcel or tax index number -- Required in legal
Recitation of Consideration --
Derivation Clause -- Yes
Corporate Signatures/Attestation --
Ink Color/Font -- Black/ 10 pt minimum
Legal Description -- State/county/municipality in 1st paragraph
Margins -- 2/5” top 1st page; .5” all others
Other Special Recording: -- Transfer Affidavit/Tax Affidavit

Conveyance -- Warranty Deed, Quitclaim Deed, fiduciary deeds, Covenant DeedA limited warranty deed or Special Warranty Deed cannot be used in Michigan because statutes prohibit the limiting of warranties.
Security Instrument -- Mortgage
Release -- Discharge of Mortgage

Tenants in Common -- Yes
Joint Tenants -- No
Tenancy by Entireties -- Yes
Community Property -- No
Homestead -- Yes
Joinder of Non-titled Spouse -- Mixed Rules. The non-owning spouse must join in a mortgage other than a purchase money mortgage. The non-owning spouse is not required to join in a purchase money mortgage. A non-owning wife must sign on a deed to sell property to release her Dower interest, but a non-owning husband does not need to join in on a conveyance by the wife. Michigan does not recognize civil unions.