Fund News and Alerts
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14.18 How do I show the broker holding commission from a deposit on a HUD or GFE HUD?
- The Closing File must show that the broker is holding the deposit on the Deposit tab.
- Enter the commissions as normal in the 700 section.
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On the commission line for the broker holding the deposit (701 or 702), enter the amount they are withholding from the deposit in the 'Amount Withheld' field.
NOTE: You cannot withhold more than the Commission amount or Deposit amount. In the 'Deposit Held By' field, select the Deposit you wish to withhold the amount from. - This will reduce the deposit on the Balance Sheet and reduce the amount of the broker’s commission check by the withheld amount.
06/26/2015 -
14.19 How do I show the broker is contributing part of their commission to the Buyer's or Seller's expenses on a HUD or GFE HUD?
- If using a HUD or GFE HUD, use a line in the 700 or 1300’s section. If using a CD, use a line in Section H.
- Enter the amount of the contribution on the appropriate side (buyer’s or seller’s) as a negative amount in field labeled Paid From Funds, (the Payee should reflect the Buyer/Seller or it should be left blank. In this case, the Broker is giving the credit therefore they are the Payor not the Payee.). This will reduce the amount the buyer or seller funds.
- On the balance sheet, combine the negative amount with the broker’s commission check to reduce the amount of their check
06/26/2015 -
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How do I enter the interest rate on Page 1's Loan Terms Table?
The interest rate is automatically populated on the CD and cannot be edited within the Settlement Statement module. You can enter the interest rate in the Closing File Module, Loan Tab, Terms Tab or in the Loan Module, Terms Tab.06/09/2015 -
How do I edit the Property address on the CD?
The Property address can be edited from both the Closing File Module, Property tab and the Settlement Statement Module. On Page 1 of the CD in the Settlement Statement Module, double clicking on the Property address under the Closing Information at the top of the page will initiate a Detail window. You can then select "Override Description" to edit the address. This can also be done for the Borrower, Seller and Lender.06/08/2015 -
How do/Can I move lines on Page 3?
CFPB's verbal guidance allows for lines to be added and deleted from the Page 3 Summaries of Transactions section of the CD. DoubleTime will automatically start you with the maximum number of lines available for the page. To move an available line, click your cursor anywhere in the row and select the red "Delete" icon (Red X) on the secondary toolbar. The available line can then be re-inserted under a different section by clicking your cursor on the line below where you wish to insert the new row and then by clicking the green "Insert" icon (Plus sign) on the secondary toolbar. Note: Lines cannot be inserted above promulgated/static rows.06/07/2015 -
How do I move lines on Page 2?
While on Page 2 of the Closing Disclosure in the Settlement Statement Module, click on the green "Insert" icon (Plus sign) on the secondary toolbar to open the Line Administrator. In the left box labeled, "Select which blank line(s) to move:" select available lines from any section. In the top right box labeled, "Select which section to move the blank line(s) to:", make the appropriate selection. Finally, click on the "Move To" button in the middle of the Line Administrator and the Status box on the bottom right will be updated. Selecting "OK" at the bottom of the window will complete the move.06/06/2015 -
Does the CD have a standard signature page?
No, CFPB's final rule states that the CD does not have to be signed. The signature block on Page 5 is only confirming the Borrower has received the Closing Disclosure and it is optional. You can access a standard signature page by going to the "CD Addendum B – Customary Recitals" document in the Documents module. This document is automatically inserted when using a Closing Disclosure as the Settlement Statement.06/05/2015 -
How do I change to a Page 2a\2b format?
When working on a CD in the Settlement Statement module, click on the 'CD Options' tab and select the 'Yes' option for "Use Pages 2A and 2B".06/04/2015 -
Do I need to calculate the Title Insurance fees for the CD?
No, DoubleTime will automatically calculate the Florida Promulgated Title Insurance Rates based on the CFPB's Final Rule and populate the figures on the Closing Disclosure on Page 2. Further breakdown of the Title Insurance fees can be seen on the Florida Insurance Premium Disclosure document in the Documents module.06/03/2015
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