Difference between revisions of "AR Operations Summary"
From WFG Wiki
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*Other Special Recording: | *Other Special Recording: | ||
==Document Types== | ==Document Types== | ||
| − | *Conveyance | + | *Conveyance -- Warranty Deeds and Limited Warranty Deeds are predominantly used. QC Deeds are generally used for curative work. |
| − | *Security Instrument Mortgages | + | *Security Instrument --Mortgages |
| − | *Release | + | *Release -- Only the lender or a duly authorized servicing entity can release the lien. |
| + | |||
==Tenancies== | ==Tenancies== | ||
*Tenants in Common Yes | *Tenants in Common Yes | ||
Revision as of 11:28, 12 December 2014
Contents
Licensed Entity:
WFG LENDER SERVICES, LLC
- See Attached HUD Sample for Additional Information
Banking Information
- Bank Account/LS 634084476/Chase Bank
- Good Funds Law $500
- Disbursements Requirements <<INSERT IF WFG REQUIRES CD?>>
- Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) No
Escrow/Settlement
- Who can prepare the HUD Not restricted
- Who can sign the HUD (EO/LTP/Attorney) Not restricted – need confirmation from Ken
- Who orders hazard insurance Customary -
- When is transaction consummated for new HUDS
- Record before/after disburse After disbursement
- Filed/restricted escrow rates No
- Record retention requirements
- Is an attorney involved in the closing No
- Who can handle loan document signing Notary permitted
- Doc Prep Restrictions Fill in blanks on standard forms permitted if no charge
- Use Escrow Instructions or not No
- Use Estimated HUD or Final Final
- Pass-thru charges Not restricted
- Rates Inclusive or not Not inclusive
- Up Charging Not restricted
- Junk Charges Not restricted
- Special HUD Requirements None
- Special Disclosures No
- CPL Yes
- UPL Issues No
- Joinder of non-titled spouse Yes
- Survey Required
- Purchase – No for platted residential
- Refinance – No
Audits
- Required Annual Underwriter Audit required
Recording Process
- E-recording County list of e-recording attached
- Record before disbursement Disburse first
- Special recording procedure Record in office of circuit clerk
Recording/Document Requirements
- Marital Status Stated
- Transfer Tax Yes
- Mortgage Tax No
- Address for grantor/grantee/property
- Witnesses
- Names typed/printed Yes
- Prepared by/return to “This instrument prepared by:” Required on first page with name, address & phone number
- Notary Stamp/requirements Name printed or typed, date of expiration and stamp or seal
- Parcel or tax index number
- Recitation of Consideration
- Derivation Clause Required
- Corporate Signatures/Attestation
- Ink Color/Font
- Legal Description
- Margins
- Other Special Recording:
Document Types
- Conveyance -- Warranty Deeds and Limited Warranty Deeds are predominantly used. QC Deeds are generally used for curative work.
- Security Instrument --Mortgages
- Release -- Only the lender or a duly authorized servicing entity can release the lien.
Tenancies
- Tenants in Common Yes
- Joint Tenants Yes
- Tenancy by Entireties Yes
- Community Property No
- Homestead Yes
- Joinder of Non-titled Spouse Yes
Taxes
- Taxes Levied
- Taxes due 3/1 thru 10/10
- Delinquent After 10/10
Commitment/Policy Special Requirements
- Who can sign Commitment/Policy Policy must be countersigned by resident licensed title agent – need confirmation from Ken
- Other
Post Closing Requirements
- Recon follow up required
Based on Information by Deb Everett Summer 2014
