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Settlement Statements Module

14.01 How do I add language to the HUD?

  • Language on the HUD cannot be modified. However, you can add or change language on the Closing Statement Addendum document in the Documents module.
  • Open the Documents module and click New.
  • Select the Closing Statement Addendum.

14.02 How do I enter an Aggregate Accounting Adjustment in the HUD?

  • Select Line 1009 on the Reserves tab in the HUD.
  • Click in the Borrower Paid from funds field immediately after the $ sign, then enter the minus sign followed by the amount.
  • If the lender is not adding this amount to the proceeds check, it will appear as a negative disbursement on the Balance Sheet in the Reconciliation module. A negative amount cannot be exported. You must combine the negative amount with other disbursements to the lender.
  • If the lender is adding this amount to the proceeds check, double-click the Amount withheld field to copy the Aggregate Accounting Adjustment amount. This will add the amount to the loan proceeds in the Balance Sheet. No negative disbursement will be created.

14.03 How do I enter a Par Plus fee from the lender to the mortgage broker (a/k/a Table Funding, Yield Spread Premium, or Differential)?

  • Select any line in the 800 section on the Loan Fees tab.
  • Enter the description and amount of the fee in the Description field (for example, Par Plus $850 POC by 1st Bank), and select the mortgage broker as the payee.
  • If the lender adds the mortgage broker's fee to the loan proceeds amount for the closing agent to disburse, enter the fee as a negative amount withheld, and select the appropriate loan in the Loan statement field.
  • In the Reconciliation module, the mortgage broker's fee will be added to the loan proceeds, and a line item disbursement will be automatically created for the fee, payable to the mortgage broker.

14.04 The payee name I need does not appear in the payee list in the HUD. How do I add it?

  • Click the Search Contact icon (Binoculars) on the secondary tool bar of the HUD.
  • Select the contact from the Search Contact list and click OK, or enter the name of the new payee and click Add Contact.

14.05 A Real Estate Broker is giving a $500 credit to the Buyer. I need to put the credit in the 200 section, but I also need to deduct the amount of the credit from the Broker's check. How do I show this in the HUD?

  • An amount entered in the Buyers Credits tab, 200 section of the HUD, will show as Incoming Funds in the Reconciliation module (Balance Sheet). Unless the $500 is being received as incoming funds, it should not be shown as a credit in that section.
  • Select Line 704 on the Brokers tab in the HUD.
  • Enter the credit as a negative number in the Borrower Paid from funds field. This will give the credit to the buyer.
  • Open the Reconciliation module (Balance Sheet), then combine the Broker's line item with the negative amount. This will net the credit from the Broker's check.

14.06 The Borrower paid a deposit to the Lender and it needs to be credited to the Borrower on the HUD. The Lender is remitting a check for the exact Loan amount (no withhelds). The deposit credit needs to be deducted from the Loan Fees check being remitted by the Closing Agent to the Lender. How do I show this on the HUD?

  • Open the Settlement Statements module.
  • Select a line in the Loan Fees section.
  • Enter a Description that is acceptable to the Lender, for example, "Application Fee Refund" or "Loan Deposit Credit".
  • Select the lender from the Payee list.
  • In the Borrower Paid from funds field, enter the deposit credit amount as a negative number.
  • Leave the Amount withheld field blank.
  • Select the appropriate loan from the Loan statement list, if necessary.
  • In the Reconciliation module, the Balance Sheet will reflect a negative number for this line item. Combine this negative item with the item(s) being disbursed to the Lender, and this will net the credit from the Lender's check.
  • Reminder: The accounting export function will be disabled until this negative disbursement item has been combined.

14.07 How do I make the Lender name and Payoff amount show on the HUD?

  • Open the Closing File module and select the Loans tab.
  • Click the Insert icon. Select the Lender from the Search Contact list and click OK, or enter the name of the new lender and click Add Contact.
  • Select Payoff as the Status, then select the Priority.
  • Exit the Closing File module and save changes.
  • Open the Settlement Statements module and select the Buyer Credits tab.
  • To add a payoff amount, double-click Line 504 or 505 in the HUD-1 to access the Payoff Calculator. Note: The Payoff Calculator is also available on Lines 1501 and 1502 of the HUD-1A.
  • Enter the mortgage balance, late fees, per diem interest, and other miscellaneous fees associated with the payoff.
  • You can click the Print button to print the details of the Total Payoff Amount.
  • Close the Payoff Calculator by selecting OK, and the payoff amount will be displayed on Line 504 or 505.

14.08 How do I add more lines to the Loan Fees section of the HUD?

  • Additional lines cannot be added to the Loan Fees section. However, you can change the description of all the lines in the 800 section.
  • If you have additional Loan Fees, you can enter them in on the Add'l Charges tab (1300 section) to which additional lines can be added, if needed. Click the Insert icon to add additional lines.

14.09 How do I print the HUD-1?

  • Open the Settlement Statements module.
  • From the Reports menu, select HUD-1 and click the Print icon, or click the Print icon on the secondary toolbar.

14.10 How do I print the HUD-1A?

  • Note: HUD-1A is only available for Refinances.
  • Open the Settlement Statements module.
  • From the Format menu, select HUD-1A.
  • Click the Print icon.

14.11 How do I print a Buyer's Closing Statement and a Seller's Closing Statement?

  • Open the Closing Statements module.
  • From the Reports menu, select the Buyer's Closing Statement or the Seller's Closing Statement and click the Print icon.

14.12 How do I print a Recording Worksheet?

  • Open the Closing Statements module.
  • From the Reports menu, select the Recording Worksheet and click the Print icon.
  • If using the CD as the Settlement Statement, the Recording Calculator must be accessed first before the Recording Worksheet report will be available. You can access the Recording calculator on Page 2 of the CD.

14.13 How do I print the detail of the prorations on the HUD?

  • Open the Closing Statements module.
  • From the Reports menu, select the Proration Worksheet and click the Print icon.

14.14 Is there a Closing Statement other than a HUD-1 that can be used for a cash deal?

  • The Buyer/Seller Closing Statement is a HUD format that uses the word Buyer instead of Borrower.
  • To select the Buyer/Seller Closing Statement, open the Closing Statements module.
  • From the Reports menu, select Buyer/Seller Closing Statement and click the Print icon.

14.15 How do I remove the initial boxes from the front page of the HUD?

  • From the Preferences menu, select User Settings.
  • On the HUD tab, select the "No" button under "Show Initial Boxes".
  • Exit the module and save changes.
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