Fund News and Alerts

The Fund is currently in the RealEC’s 2^nd integration group of planned software providers.  We are waiting for RealEC to finish working with their first group and start working with our DoubleTime team.   In the interim, you may register with Closing Insight to utilize their web interface. Register with Closing Insight at www.closinginsight.com.

11/03/2015

DoubleTime^®’s Balance Sheet module uses figures from ‘Page 2 – Closing Costs Details’ and ‘Page 3 – Summaries of Transactions’ of the Closing Disclosure to track incoming and outgoing funds for the transaction. It is important to access these pages of the CD in the Settlement Statement module prior to opening the Balance Sheet. This allows DoubleTime^® to use all figures when determining if Total Deposits and Total Disbursements match.

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11/03/2015

The Title Insurance figures you see in the Closing Disclosure are automatically populated by DoubleTime^® and are based on the TRID Rating rules for showing policies and endorsements charges. These figures will differ from what is displayed in the Rating module. That is because the Rating module in DoubleTime^® displays the Florida Promulgated rates for policies and endorsements. DoubleTime^® uses those figures from the Rating module to calculate the TRID rates for you.

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11/03/2015

Due to the complexities of the new Closing Disclosure, DoubleTime^® can only print figures on CD related reports when the Closing Disclosure is selected as the Settlement Statement type in the Closing File module. If the Lender request preliminary figures on a statement other than the Closing Disclosure, it is recommended that you provide them with a copy of the ALTA Settlement Statement form. You can access the ALTA Settlement Statement forms for any transaction using a CD by going to the Settlement Statement module and clicking on ‘Reports’. DoubleTime^® has 3 formats available to select.

11/03/2015

On Page 2 of the CD in the Settlement Statement Module, double click on an available line in section “H. Other” to initiate the Line Detail window. Change the ‘Fee Type’ in the top left of the window to "Broker Commission Fees". This will automatically initiate the Broker Commission Calculator and allow you to calculate one or multiple commissions.

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11/03/2015

The Closing Disclosure is only required and designed to be used for transactions which include a mortgage. Commercial transactions are exempt from its required use if the mortgage loan is “primarily” for business, commercial or agricultural purposes.

Although there is no prohibition from using the Closing Disclosure for cash and commercial transactions, you may use any form you wish for those transactions including the custom settlement statements found in DoubleTime^®, the new ALTA designed forms, or the original two-page HUD-1(1974 version).

11/02/2015

Generally speaking, yes. TRID rules apply to an assumption provided the following three elements are present: 1) it is a residential mortgage; 2) the creditor expresses their acceptance of the new consumer; and 3) there is a written agreement (See 12 CFR 1026.20(b) and associated commentary).

Noteworthy is that the approval of creditworthiness, notification of change of records, mailing of a new coupon book, and acceptance of payments from the new consumer do not in and of themselves constitute the express agreement to accept the new consumer as required.

11/02/2015

Until we get more experience with how lenders are handling Closing Insight and other portal fees, these fees should be separately itemized when initial numbers are given to the lender.

11/02/2015

Yes. Information provided by an association does not come from “official or public records” so obtaining this information is not considered to be a title search.

11/02/2015

The reissue credit is not a true credit; rather it is a less expensive promulgated rate which is applied to new policies when a qualifying prior policy has been provided (See Rule 69O-186.003, F.A.C.). Therefore, the premiums disclosed on the CD will already reflect the “reissue credit” though it will not be separately stated.

You are free to inform the client about the savings from the application of the reissue rate by showing the savings on a separate addendum or printout.

11/02/2015