Fund News and Alerts

3.11 How do I delete a Contact?

Open the Contacts module.
Select the Contact Type (i.e., Corporation, Estate, Guardianship, Individual, Other, Partnership, Trust, or All).
Enter the name of the contact and click OK.
From the File menu, select Delete Contact.
A Confirm Delete window is displayed.
If Yes is selected and the contact is already used in a closing file, the contact cannot be deleted.
If the contact cannot be deleted, you can change the contact to inactive by clicking the Active check box to remove the check mark. The contact will no longer be displayed in the list of active contacts.

06/26/2015

Open the Contacts module.
Select the Contact type (i.e., Corporation, Estate, Guardianship, Individual, Other, Partnership, Trust, or All).
Enter the contact name and click OK.
Make the corrections and save changes.
If the contact is a Buyer or Seller in the active closing file, the Buyer or Seller Update window appears and displays the proposed name revision(s).

06/26/2015

Select the Seal icon which is located on the second row of icons while in the Closing File Module or the Docs Module
Highlight the buyer/seller name under the listing of Signatory
Select the delete button
Select the add button to bring up the Individuals Contact box, type in the name of the Power of Attorney (select the name if it shows up on this list or add it if it does not). This will then move that name under the signatory for that buyer/seller.
Select the Title of “Attorney In Fact” for the signature name and select preview
Before
After
Result

DoubleTime On-Demand Training Library Closing File Module - Chapter "Adding the Seller: Existing Contact"
Watch for more information specific to the Seal

06/26/2015

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.

06/26/2015

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.

06/26/2015

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.

06/26/2015

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.

06/26/2015

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.

06/26/2015

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.

06/26/2015

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.

06/26/2015