Fund News and Alerts

There is no TRID provision which specifically prohibits the early signing of loan documents. However, many lenders have reportedly refused to allow early signings. This resistance is likely related to the TRID requirement that the Closing Disclosure be delivered three business days before “consummation.” Since consummation is determined by state law, lenders have apparently concluded that an early signing is tantamount to consummation in some states. As such, an early signing would violate the three day rule if the Closing Disclosure was merely delivered three business days before the scheduled closing date.

When a mail away is anticipated, working with the lender in advance of setting the closing date will likely solve the problem. As long as the first Closing Disclosure is delivered early enough, signing ahead of time should not be a problem. It may take some effort though since many processors may not understand the reasoning behind a seemingly hard and fast internal rule not to allow early signings.

When a lender requires a Closing Disclosure for the second mortgage the title insurance premium must be disclosed by applying the same TRID rule as for the first mortgage. Furthermore, Florida currently requires the collection of the $3.28 surcharge for all policies except simultaneous issue. You must therefore disclose the TRID rate for the loan policy in the Loan Costs Section (B or C) and the surcharge in Section E. Taxes and Other Government Fees on the secondary CD.

If an owner’s policy is being issued in the transaction as reflected on the primary CD, you can provide a credit on the secondary CD for the difference between the TRID rate and simultaneous rate coupled with credit for the surcharge in section H. Other. Subtract the simultaneous rate from the TRID rate and add the $3.28 surcharge to the difference. Disclose this sum in the borrower’s column as a negative number and describe the entry as “Title - Owner’s Coverage credit to (agent/agency).”

If borrower opts out of the owner’s policy on the primary CD, removing that product on the primary CD and the credit on the secondary CD will be all that is necessary.

Page one displays the significant highlights of the transaction for the borrower. The cash to close entry at the bottom of the page is intended to provide the borrower with the exact amount needed to complete the transaction without explaining how the amount was determined.

The Calculating Cash to Close table at the top of page three compares the costs and cash to close as estimated on the Loan Estimate with the final costs and cash to close disclosed on the Closing Disclosure.

The cash to close entry at the bottom of page three displays the amount determined by subtracting the borrower’s credits in Section L from the borrower’s debits in Section K.

All three entries must be the same. If not, there is a problem with one or more entries on the CD. Often it is due to an improper calculation of the “Down Payment/Funds from Borrower” entry in the Calculating Cash to Close table.

The regulations allow use of the Seller Credit lines in the Summaries of Transactions tables on page three for “a lump sum not otherwise itemized to pay for loan costs…and other costs…” (12 CFR § 1026.38(j)(2)(v)). The contractual reference that the credit is given for closing costs provides a lender the option of moving individual borrower closings costs into the seller’s paid at closing columns on page two until the amount of the credit is met. If any of these costs were included in the APR calculation the effect of these movements is to lower the loan’s APR disclosure.

You may recall that lenders frequently requested the same movement of costs on the original HUD-1 before the GFE/HUD rules came into play in 2010. On a GFE/HUD-1 this was not allowed by rule.

Document names displaying in red are in indication that the document's size is larger than normal. This may be caused by embedding (copying and pasting) images directly on the document. If you need to add an image to your document, it is best to add a linked image to keep the document size and DoubleTime database size at a minimum.

• To add a linked image to your document, place your cursor in your document where you would like the image to show.
• Next, click on 'Insert' from the top menu bar and then select "Picture". You will be asked to select a saved image from your computer. If you share your DoubleTime database with other users in the office, it is recommended that save the image to a mapped network drive that everyone has access to and is labeled the same drive letter on everyone's PC.
• Once you select the image to insert into your document, click on "Open" and the it will be inserted as a linked image.

You may also run a report to find other embedded images in your closing documents and templates.

Open the Reports module and select the "Documents/Templates with Picture Images" report to see a full list of files and documents with images. Embedded images should be replaced with Linked images to avoid potential database problems.

For further assistance, please contact The Fund's Help Desk.

If the Rework was requested via an email or phone call to the branch, they will re-deliver the .FPX file under the original order number.

• Open the Status module in DoubleTime and highlight the row that shows the original order request.
• Next, click on the 'Re-retrieve' button on the secondary toolbar or select 'Actions' from the main menu bar and then 'Re-retrieve Product From Fund Servers'.
• Click 'Yes' after being prompted that re-retrieving the FPX file will replace the current data file with the updated one sent from the branch.
• DoubleTime will automatically download the latest FPX file for the highlighted order and update the Delivery date and show a "New" button under the Import column.

Order Branch Products Module

A complete reference guide to assist you in the multi-stop process of requesting a TCC number, creating an IRS FIRE System account, preparing your 1099-S forms and electronic data file in DoubleTime and electronically filing the records through the IRS FIRE System.

1099-S Complete Reference Guide

Check the Closing File module, Loan tab and make sure that “Separate Statement” is checked for the 2nd loan. The amount on line 303 for the 2nd Loan settlement statement should be entered in Section L on the primary loan’s CD. It is important NOT to select a payor for this row. DoubleTime will automatically handle the 2nd loan payor on the Balance Sheet. Check the Balance Sheet to verify you are in balance.

• On Page 3 of the CD, go to a free line in Section L and double click it to bring up the Line Detail window.
• Type a description for the credit and check the "Copy" box. The Total amount entered should be equal to the Variance Amount found on the TRID Variance tab in the Title Premium Allocation calculator on Page 2 of the CD.
• Once the amount is entered in, select a Trans. Type of "TRID Variance Adjustment" and click OK to close the Line Detail window. The result will be a credit to the borrower and a debit to the seller for the variance amount.

• On Page 1 of the CD, scroll to the Projected Payments section and enable a payment interval column by checking the box at the top of a blank column.
• Check the "Final Payment Title" checkbox near the Projected Payments section heading and the last active payment interval column will change from showing a year range to having a text field with the words "Final Payment". This text field is editable in the event the lender would like to see the words "Balloon Payment".