SoftPro Closing Disclosure Form

Transcription

1 DO NOT EDIT THIS DOCUMENT SftPr Clsing Disclsure Frm Release Ntes Standard 20 HF3 December 3, 2015 DO NOT EDIT THIS DOCUMENT 4800 Falls f Neuse Rad, Suite 400 Raleigh, NC p (800) f (919)

2 Table f Cntents Summary f Changes... 2 Clsing Disclsure Supprt... 2 Cnfiguratin Requirements... 2 System Requirements... 2 Clsing Disclsure Frm... 3 Creating a New Order r Template... 3 CDF Tab... 3 CDF Page Clsing Infrmatin... 4 Transactin Infrmatin... 4 Lan Infrmatin... 5 Lan Terms... 6 Field Cdes... 6 Additinal Terms... 6 Lan Amunt... 7 Interest Rate... 7 Principal & Interest... 7 Lan Terms (Cntinued)... 7 Field Cdes... 7 Prepayment Penalty... 8 Balln Payment... 8 Prjected Payments... 8 Field Cdes... 8 Payment Calculatin... 8 Principal & Interest... 8 Mrtgage Insurance... 8 Estimated Escrw... 9 Estimated Ttal Mnthly Payment... 9 Estimated Taxes, Insurance & Assessments... 9 Csts at Clsing... 9 CDF Page Sectin Grids Grid Clumns Grid Lines Line Detail Dialgs Basic Charge Percent Charge Prratin Charge Payff Charge Recrding Fees Transfer Tax Prepaid Escrw Sectins A-J Details A. Originatin Charges B. Services Brrwer Did Nt Shp Fr C. Services Brrwer Did Shp Fr... 18

3 D. TOTAL LOAN COSTS (Brrwer-Paid) E. Taxes and Other Gvernment Fees F. Prepaids G. Initial Escrw Payment at Clsing H. Other I. TOTAL OTHER COSTS (Brrwer-Paid) J. TOTAL CLOSING COSTS (Brrwer-Paid) CDF Page Calculating Cash t Clse COLUMNS Lines Summaries f Transactins Sectin Grids Line Detail Dialgs Basic Charge Percent Charge Prratin Charge Payff Charge Recrding Fees Transfer Tax Prepaid Escrw Calculatins Transactins withut a Seller Payffs and Payments Charge Detail dialgs Calculating Cash t Clse Lines CDF Page Lan Disclsures Assumptin Demand Feature Late Payment Negative Amrtizatin Partial Payment Security Interest Escrw Accunt Adjustable Payment (AP) Table Adjustable Payment (AP) Table Dialg Adjustable Interest Rate (AIR) Table Adjustable Interest Rate (AIR) Table Dialg CDF Page Lan Calculatins Descriptins Other Disclsures Cntact Infrmatin Cntact Infrmatin Additinal Cntacts Cnfirm Receipt Buyer/Brrwer Other Changes... 38

4 Utilities PrDesign PrFrm New Order Overlay Tab Selectin ReadyDcs Descriptin Fields CDF Line drp-dwn lists & sending changes CDF Line drp-dwn tips CDF Line drp-dwn examples Using the Next Available Optin in Templates, Orders, & Lkups Terms, Payment & ARM: City/Twn Taxes Cunty Taxes Assessments Cmmissins Seller financing Lan, Funding and PrTrust Appraisal Infrmatin Builder, Cntract, & Escrw fr Cmpletin HOA/Management Cmpany Fees and Dues Security Instruments, Trustee & Riders Prperty, Legal Descriptin Requested track items Divisin f Prceeds & 1099-S Data Sales Price Depsit/Earnest Mney Delivery & Tracking Recrding & Transfer Fee Frmulas CDF Optins Calculatin Optins Title CDF Sectin Defaults Default t name Dcument Optins Title Insurance CDF Line Drpdwns n the Title Screens Title Charge Descriptin Fields Premium Calculatins Agent/Underwriter Splits Lan, Owner s, & Other Plicy Infrmatin Endrsements & Additinal Title Charges Preliminary Title Search Additinal Fee Data Overlay Rules Cnfiguratin Changes Preferences Miscellaneus Lkup Tables PrFrm STD (HF1) Dcuments Order STD (SP1)... 68

5 PrFrm Templates/Overlay General Tab Order Tracking Tab Title Insurance Tab CDF Tab NC Bar Tab HUD-1 Tab PrTrust STD (SP2) Pr PrFrm Overlay CDF Dcuments STD (HF2) PrFrm CDF STD (HF3) PrFrm Dcuments Getting Help Accessing Help Technical Supprt... 72

6 Cpyright and Licensing Infrmatin STD Cpyright by SftPr, Raleigh, Nrth Carlina. N part f this publicatin may be reprduced in any frm withut prir written permissin f SftPr. Fr additinal infrmatin, cntact SftPr, 4800 Falls f Neuse Rad, Raleigh, NC 27609, r cntact yur authrized dealer. Micrsft, Windws, and MS-DOS are registered trademarks f Micrsft Crpratin in the United States and/r ther cuntries. WrdPerfect is a registered trademark f Crel Crpratin. Crystal Reprts is a registered trademark f SAP AG. HP LaserJet is a registered trademark f Hewlett Packard Develpment Cmpany, L.P. GreatDcs is a registered trademark f Harland Financial Slutins Incrprated. RealEC Technlgies, Inc. is majrity wned by Lender Prcessing Services. All ther brand and prduct names are trademarks r registered trademarks f their respective cmpanies. IMPORTANT NOTICE READ CAREFULLY Use f this sftware and related materials is prvided under the terms f the SftPr Sftware License Agreement. By accepting the License, yu acknwledge that the materials and prgrams furnished are the exclusive prperty f SftPr. Yu d nt becme the wner f the prgram, but have the right t use it nly as utlined in the SftPr Sftware License Agreement. All SftPr sftware prducts are designed t ASSIST in maintaining data and/r prducing dcuments and reprts based upn infrmatin prvided by the user and lgic, rules, and principles that are incrprated within the prgram(s). Accrdingly, the dcuments and/r reprts prduced may r may nt be valid, adequate, r sufficient under varius circumstances at the time f prductin. UNDER NO CIRCUMSTANCES SHOULD ANY DOCUMENTS AND/OR REPORTS PRODUCED BE USED FOR ANY PURPOSE UNTIL THEY HAVE BEEN REVIEWED FOR VALIDITY, ADEQUACY AND SUFFICIENCY, AND REVISED WHERE APPROPRIATE, BY A COMPETENT PROFESSIONAL. 1

7 Summary f Changes Clsing Disclsure Supprt The applicatin nw supprts the cmplete Clsing Disclsure frm (CDF) as required by the Real Estate Settlement Prcedures Act (Regulatin X) & the Truth in Lending Act (Regulatin Z) final rule, effective 10/3/2015. When creating a new rder, the user will be prmpted t chse a settlement type: HUD, GFE HUD, r CDF. A dedicated CDF tab will appear in the rder if CDF is selected. HUD-1 rders will display the same HUD-1 & Clsing tab as in prir versins. The new CDF data entry screens appear nly in CDF rders. The Default ReadyDcs tree has been updated with all versins f the CDF as well as settlement statement s and ther supprting dcuments. These dcuments are fund under the Escrw & Clsing flder. The current HUD -1 dcuments are still available and have nt changed. Pending receipts & disbursements will cntinue t be generated frm the CDF just as it des frm the HUD-1. The Title Insurance Premiums screen has new ptins fr calculating simultaneus issue premiums as required by the final rule. Fees sent frm title screens will autmatically add the text Title as required by the final rule. Yu d nt need t update templates r lkup table entries t supprt this. Fees will autmatically srt alphabetically n CDF Page 2 when yu leave and then return t that page the rder. Cnfiguratin Requirements Several cnfiguratin changes are recmmended prir t 10/3/2015: Create new templates fr CDF rders. Yu can cpy existing HUD templates int new CDF templates, which will ppulate all user-entered, nn-hud data frm the riginal template. Users can als apply HUD templates directly int CDF rders, which will bring ver all user-entered, nn-hud data. In yur CDF templates, set the Title CDF sectin defaults n the Optins screen; this is recmmended ver alternate methds such as including CDF lines in title lkup tables. Set the Full Lan Premium rate table in yur lkup table(s) fr simultaneus issue plicies. Ensure that custm dcuments and reprts that reflect HUD data are updated, if apprpriate, fr CDF rders. Add License ID/NMLS License ID fields and data t the cntact lkup tables f r lenders, mrtgage brkers, lan servicers, real estate brkers, settlement agents, title cmpanies, and underwriters, alng with their cntact peple. This data is displayed n page 5 f the CDF. Update custm dcument trees if yu wuld prefer t print CDFs and settlement statements frm yur custm tree rather than the SftPr default tree. On r arund 10/3/2015, change the Default settlement type fund in Tls > Preferences > Miscellaneus preferences t CDF. If these cnfiguratin changes are nt made prir t 10/3/2015, the CDF can still be prduced fr any rder but will require additinal manual data entry. N cnfiguratin changes are required fr recrding fees, transfer taxes, endrsements, r additinal title charges. System Requirements The minimum supprted screen reslutin is 1024x768. Visit sftprcrp.cm fr full system requirements. 2

8 Clsing Disclsure Frm Creating a New Order r Template When creating a new rder r template, the user will need t specify a Settlement Type. The default may be set in Preferences. The New rder/template dialg nw has the CDF ptin available in the Type drp-dwn: Yu may cpy frm a CDF r HUD-1 rder int a CDF rder. See belw fr mre infrmatin. CDF Tab A CDF tab will appear in CDF rders. This tab cntains all f the new data entry screens fr CDF Pages 1-5 f the Clsing Disclsure Frm, as well as several ther screens which assist with CDF preparatin. These screens are discussed belw. 3

9 CDF Page 1 Clsing Infrmatin Prvides a basic summary f lan dates, settlement agent, file number, prperty address, and sale price/appraised value. Date Issued: The date that the Clsing Disclsure frm is issued t the cnsumer; must be entered manually. Clsing Date: The clsing date f the lan. Defaults frm Settlement date/time n the Express Order Entry, File N., Settlement Dates, Ntes, and Basic Order Infrmatin screens, but can be manually verridden. Disbursement Date: The lan funding date. This is the same field as the Disbursement date n the File N., Settlement Dates, Ntes screen. Settlement Agent: The rder cntact handling the lan clsing transactin. This field defaults frm the settlement agent cntact n Sett. Agent, Title C., Underwriter, Offices, and als cntains ptins t select Title Cmpany, Underwriter, Lender, and Mrtgage Brker. This is the same field as the Settlement Agent n CDF Page 5 Cntact Infrmatin. The buttn pens the Sett. Agent, Title C., Underwriter, Offices screen. File #: This field defaults t the PrFrm file number but may be verridden manually. Prperty: Lists the prperty being purchased. This infrmatin is the same as that fund in the Prperty Address fields n the Express Order Entry and Prperty, Legal Descriptin screens. The buttn pens the Prperty, Legal Descriptin screen. Sale Price/Appraised Prperty Value: If the transactin is a purchase, these tw fields will ppulate autmatically based n the Sales Price field n the Express Order Entry & Sales Price, Depsit/Earnest Mney screens; they may be manually verwritten. If nt a purchase, the fields will default t the Appraised Prperty Value which is als fund n the Appraisal Infrmatin screen. Transactin Infrmatin Displays cntact infrmatin fr the buyer, seller, and lender. 4

10 Brrwer: Selecting the buttn here pens the Buyer/Brrwer, Officers & Signatures screen fr adding and editing cntact infrmatin. This field will default frm the first set f brrwer names assciated with the lan, and their address. Brrwers are assciated t a lan using the Brrwers grid n the Lan, Funding & PrTrust screen. If the title drp-dwn is changed here, the title shwn in the rder s Buyer/Brrwer Signature Lines dialg will be adjusted as well; the title selected frm the list is the label that will be printed n CDF Page 1 and Settlement Statements. Seller: Selecting the buttn here pens the Seller, Officers & Signatures screen fr adding and editing cntact infrmatin. This field will default frm the first set f seller names assciated in the file and their address. If the title drp-dwn is changed here, the title shwn in the Seller Signature Lines dialg will be adjusted as well; the title selected is the label that will be printed n CDF Page 1. Lender: The name f the lan creditr; ppulates autmatically with the Lender Full Legal Name n the Lender screen; it can als be accessed frm the Express Order Entry screen. Lan Infrmatin This sectin cntains details abut the lan term, purpse, prduct, and type. Selecting the buttn directly next t Lan Infrmatin pens the Terms, Payment & ARM screen fr quick editing f lan infrmatin. Lan Term: Defaults frm Lan Years n the Terms, Payment & ARM screen and can be manually verridden. Purpse: This field will default frm the rder type that is selected n the Express Order Entry screen (i.e. purchase, refinance, r equity) r Cnstructin when the Cnstructin checkbx is selected n the File N., Settlement Dates, Ntes screen. The field may be verridden manually. Prduct: This drp-dwn cntains standard lan prducts. When the Other ptin is selected, the secnd line beneath is enabled fr manual entry. These fields are the same as the Lan Prduct & descriptin fields n the Lan, Funding & PrTrust screen. Lan Type: This drp-dwn list cntains standard lan types; when the Other ptin is selected, the secnd line beneath is enabled fr manual entry. These fields are the same as the Lan type & descriptin fields n the Lan, Funding & PrTrust screen. Lan ID #: Input lan number here. This field is the same as Lan number n the Lan, Funding & PrTrust screen. MIC #: Input mrtgage insurance case number here. This field is the same as Mtg. Ins. Case Number n the Lan, Funding & PrTrust screen. 5

11 Lan Terms This area is fr specifying the Lan Amunt, Interest Rate, Principal & Interest (defaults t mnthly), Prepayment Penalty, Balln Payment, and any Additinal Terms FIELD CODES The fllwing items crrespnd with the fields marked in blue abve. These fields match ther existing fields: 1. Same as Principal Amunt f Lan n the Express Order Entry & Lan, Funding & PrTrust screens. 2. Same as Annual Interest Rate n the Terms, Payment & ARM screen. 3. Same as Interest Adjust/Change Perid n the ARM Data screen. 4. Same as Lifetime Maximum Rate n the ARM Data screen. 5. Same as Payment frequency n the Terms, Payment & ARM screen. 6. Same as Principal and Interest Payment n the Terms, Payment & ARM screen. ADDITIONAL TERMS The lan terms will nt print n the Clsing Disclsure frm unless the crrespnding checkbx is selected. If free-frm text is needed, there are three Additinal Terms lines included in all five sectins; each preceded by a checkbx. Clicking the buttn bld specific text. t the right f each additinal terms line will pull up a dialg fr rich-text editing t allw yu t 6

12 Lkup tables are nt available fr these dialgs. The fnt default fr CDF Page 1 is Tahma, 10pt and each Additinal Term will be a separate bullet n CDF Page 1. LOAN AMOUNT The first field is fr the full lan amunt. The first drp-dwn always defaults t N, but may be adjusted manually t Yes. The remaining ptins will allw the user t specify details f the lan amunt increase, as well as the specific time perid during which this increase may ccur. INTEREST RATE The first field is fr the interest rate. The first drp-dwn defaults t N, unless a value is entered in the Type f Arm field fund n the ARM Data dialg. The remaining ptins will allw the user t specify details f any interest rate increases, as well as the specific time perid(s) during which these increases may ccur. Additinally, the See AIR Table checkbx will default t checked when Yes is selected. The Air Table may be edited n CDF Page 4. PRINCIPAL & INTEREST The drp-dwn label fr this sectin, fund ver the title Principal & Interest, is the same field as the Payment Frequency drp-dwn n the Terms, Payment & ARM screen. The first drp dwn defaults t N, unless the lan is set up as an adjustable rate mrtgage. If Yes is selected, the remaining ptins allw the user t specify details regarding future adjustments that will be made t the principal and interest, including time perids, maximum payments, and interest-nly payments; the See AP Table checkbx will be checked. The AP Table may be edited n CDF Page 4. Lan Terms (Cntinued) FIELD CODES The fllwing items crrespnd with the fields marked in blue abve. These fields match ther existing fields: 1. Same as Maximum Prepayment Penalty n the Terms, Payment & ARM screen. 2. Same as Balln after field n the Terms, Payment & ARM screen. 3. Same as Balln after drp-dwn n the Terms, Payment & ARM screen. 7

13 PREPAYMENT PENALTY The first drp-dwn always defaults t N, but may be adjusted manually t Yes. If Yes is selected, select the apprpriate time perid within which a prepayment penalty wuld apply, as well as the maximum amunt f the penalty. BALLOON PAYMENT The drp dwn list defaults t N, unless the Balln after field n Terms, Payments, & ARM screen has a value. If applicable, enter the amunt f the balln payment as well as the balln payment due perid. Prjected Payments This sectin prvides a breakdwn f hw lan payments will be structured during the life f the lan, specifying hw principal, interest, insurance, and escrw payments will be handled FIELD CODES 1. Same as Principal and Interest Payment n the Terms, Payment & ARM screen, & Principal and Interest screen n the Payment Infrmatin Letter screen. 2. Same as Mrtgage Insurance n the Payment Infrmatin Letter screen. 3. Same as Estimated Escrw n the Payment Infrmatin Letter screen. 4. Same as Estimated Ttal Mnthly Payment n the Payment Infrmatin Letter screen. PAYMENT CALCULATION The first rw allws the user t specify year range(s) fr any changes t the payment calculatin during the life f the lan. Rw tw allws the user t specify Interest-Only and Final Payment amunts, if necessary. PRINCIPAL & INTEREST The user is able t enter Principal & Interest amunts n this rw, including minimum and maximum amunts. Clicking the buttn pens the Terms, Payment & ARM screen. MORTGAGE INSURANCE Enter Mrtgage Insurance csts n this rw; clicking the buttn in the far left clumn pens the Line Detail Dialg fr editing and mdifying the Mrtgage Insurance charge fund n CDF Page 2, Sectin G, Line 2. In rder fr this charge t ppulate with data entered n CDF Pg 2, the Calculatin Type details must be specified: 8

14 ESTIMATED ESCROW Enter the ttal Estimated Escrw amunts n this rw; clicking the buttn in the far left clumn pens the Line Detail Dialg fr editing and mdifying the Hmewner s Insurance charge fund n CDF Page 2, Sectin G, Line 1 and allws yu t add r edit additinal escrw amunts in Sectin G. ESTIMATED TOTAL MONTHLY PAYMENT Enter the Estimated Ttal Mnthly Payments n this rw. Minimum and maximum payment amunts may be entered manually. These amunts will calculate/ppulate autmatically based n the infrmatin in the Principal & Interest, Mrtgage Insurance, and Estimated Escrw fields abve. ESTIMATED TAXES, INSURANCE & ASSESSMENTS The Estimated Taxes, Insurance & Assessments field will display an amunt calculated frm infrmatin entered int the Payment Infrmatin Letter screen (see belw). The Payment Infrmatin buttn pens the Payment Infrmatin Letter screen: Check the In Estimate checkbx t indicate that an item shuld print n the Clsing Disclsure Frm. If In Estimate is unchecked, the rw will nt print n the frm, and the assciated amunt will nt be included in the ttal estimated taxes, insurance, & assessments. Enter r mdify the Descriptin fr each item; infrmatin entered n CDF Page 2, Sectin G will default here. T indicate that an amunt is escrwed as part f the lan, check the In Escrw checkbx. The Estimated Escrw amunt calculates frm the ttal f all amunts entered in Payment Infrmatin Letter where In Escrw is checked. The fields at the bttm f this dialg display infrmatin frm the Payment Calculatin sectin f CDF Page 1; the field at bttm prvides the Estimated Ttal First Payment. Csts at Clsing 9

15 This sectin displays the ttal clsing csts & cash t clse infrmatin frm Pages 2 & 3 f the Clsing Disclsure frm. Buttns next t these read-nly fields allw the user t jump t ther screens fr viewing cst details & make edits. Clsing Csts buttn: Opens CDF Pg 2, Sectin J, & pens the screen where the data is defaulting frm. in Lan Csts buttn: Opens CDF Pg 2, Sectin D, & pens the screen where the data is defaulting frm. in Other Csts buttn: Opens CDF Pg 2, Sectin I, & pens the screen where the data is defaulting frm. in Lender Credits buttn: Opens CDF Pg 2, Sectin J, & pens the screen where the data is defaulting frm. Cash t Clse buttn: Opens the Divisin f Prceeds & 1099-S Data screen. 10

16 CDF Page 2 Use this page t detail clsing csts that are assciated with the transactin. Sectin Grids CDF Page 2 is presented in a grid and allws data t be entered directly within the grid cells unless they are grayed ut. Use the Enter r arrw keys t mve frm ne cell t anther in a grid. Use Tab t mve frm ne grid t the next. GRID COLUMNS Descriptin: Enter a descriptin f the line item; functins the same as the HUD lines. The cntents f the descriptin field will print in the mem field n a receipt/disbursement transactin nce exprted t PrTrust. The sectin and line number will be displayed in the extended mem details. Ex. Settlement r clsing fee - (B.01) $ The breakdwn f the charges pulls int the Extended Mem field. Fr example: A single item check wuld appear similarly t the fllwing: A Gruped Disbursement Check wuld reflect all fees cllected: Re: Enter a mem r ther nte abut this item; functins the same as the HUD lines. DS: Select a disbursement status cde frm this drp-dwn list; functins the same as the HUD lines. T: Enter the name f the payee fr this item; functins the same as the HUD lines. Brrwer-Paid: The tw Brrwer-Paid clumns allw the user t list items that will be paid by the buyer/brrwer: At Clsing: Indicates the amunt listed is t be paid at the clsing. Befre Clsing: Indicates the amunt is t be paid prir t the clsing. 11

17 Seller-Paid: The tw Seller-Paid clumns allw the user t list items that must be paid by the seller. At Clsing: Indicates the amunt listed is t be paid at the clsing. Befre Clsing: Indicates the amunt is t be paid prir t the clsing. Paid by Others: Indicates the amunt is paid by a party ther than the brrwer r seller. GRID LINES Headers: Each sectin has a header rw which cntains bld, black text and lists the crrespnding Sectin letter, Title, and Brrwer-Paid Ttal: Srting: Each sectin s lines are srted alphabetically by descriptin when the screen is clsed; capitalized items are srted befre lwercase items. This srting des nt apply t any default, reserved lines in each sectin. Alphabetic srting can be turned ff by unchecking ptin 6) Srt CDF page 2 lines descriptins alphabetically n the CDF Optins screen. Line numbers: Sectins A-C & E-H have black hyperlinked line numbers at the left side f the grid. These numbers may be clicked t view and edit infrmatin in the Line Detail Dialgs fr thse items. Sectins A-C & E-H can each cntain up t 99 lines; nly 55 ttal lines will be printed n CDF Page 3. Any lines that exceed this number will be included n an addendum page. Lines may be added by chsing the <Click here t add a rw> ptin at the bttm f a given sectin. Lines may be deleted by clicking in the clumn t the left f the line numbers t select an entire rw and pressing the Delete key. Each sectin must have at least ne line. The Aggregate Adjustment line in Sectin G cannt be deleted, & always shws as the last line in the grid. All charges assciated with that line must be eligible fr deletin. Default lines in each sectin cannt be deleted. Enterprise users: If a line cntains a charge already psted in PrTrust (i.e., nt pending r vided), yu will nt be able t delete the charge r line until yu vid the existing transactin. If the charge is being sent frm anther lcatin yu must remve the CDF line value frm the Line drp-dwn s the charge is n lnger n the CDF line. Multiple charge lines: Lines cntaining multiple charges have grayed ut DS and amunts fields since they cntain a ttal f all the charges that are assciated with this line: Line Detail Dialgs After clicking a hyperlinked line number in the CDF Page 2 grid, a Line Detail Dialg will appear. These dialgs allw yu t enter additinal details regarding a charge (i.e.-calculatin type, Seller Pay %, Paid by thers details, etc.), add multiple charges that will ttal n the main line n CDF Page 2, and chse a calculatin charge type t autmatically calculate the charge amunt. 12

18 The tw headings at the tp f the dialg identify the Sectin and Line number fr the charge currently displayed. The grid fund in the tp prtin f the dialg lists and prvides a summary f the charges present n the line being edited; details cannt be entered int this grid. Click n a grid rw t edit the charge. Additinal charges may be added r deleted by pressing the buttns fund in the upper left. The bttm prtin f the dialg cntains varius fields and drp-dwn lists fr cnfiguring line charges: The tp tw rws cntaining Desc, Re, DS, T, and Address fields functin the same as the HUD lines. There are eight calculatin types available. When adding a new charge t a line, yu must select Basic, Percent, Prratin, Payff, Recrding Fees, Transfer Tax, Prepaid, r Escrw, and then press the Details buttn t edit: When multiple charges are added t a line, charges will be itemized n the Clsing Disclsure Addendum page and the ttal will print n the main CDF Page 2 line with a default descriptin r reference See Additinal xxx Items. This default descriptin can be manually verridden. BASIC CHARGE The details buttn is nt available fr this charge type; the charge is entered directly int the Line Detail dialg. Cst Paid: Mdify this ptin t autmatically mve a calculated r sent ver charge amunt frm At Clsing t Befre Clsing, r By Others. This ptin will nt mve manually entered amunts frm ne amunt clumn t anther. Slr%: Allws a calculated r sent ver amunt t be split between a buyer and seller; If the file is nt a purchase, Slr% and Seller-Paid amunts (At & Befre clsing) are disabled. Brrwer-Paid/Seller-Paid: 13

19 At Clsing: Input the amunt t be paid at clsing. Befre Clsing: Input the amunt paid befre clsing. Paid by Others: Indicates the amunt is paid by a party ther than the brrwer r seller. T indicate hw the amunt shuld be disbursed, use these rules: An amunt shwn with a nrmal decimal (e.g. $300.00) will be disbursed at clsing. Prcess As shuld be marked accrdingly based n whether the funds are Incming funds, In Funding check, r Reduce Funds. An amunt shwn with an asterisk decimal (e.g. $300*00) indicates a fee that was paid utside f clsing by a third party. Disburse: Selecting this checkbx creates a POC disbursement t be paid t the entitled payee; Prcess As shuld be marked based n whether the funds are Incming funds, In Funding Check, r Reduce Funds. Prcess As: Incming Fund: The amunt is cnsidered an incming fund n behalf f the brrwer r seller; use t specify mnies that shuld be brught t the clsing. This will generate a depsit in either the Receipts Register (Enterprise versin) r as a generated incming depsit (Standard versin). In Funding Check: The amunt is designated t be included in the funding check. The amunt Paid by Others will need t be added t the Funding Check if the Funding type is marked as Grss. If Funding type is marked as Net, the Funding Prceeds will adjust autmatically. Reduce Funds: The user specifies a Paid By cntact frm the drp-dwn list belw, which deducts frm the party s check; a warning is issued if the check isn t big enugh t cver the amunt. If this ptin is selected, the Paid By field is activated and the user will need t indicate frm which party the funds are being reduced. Paid By: Drp-dwn list includes ptins fr all gruped check cntacts. Tw additinal cntacts, LB (Lending Brker) & SB (Selling Brker), will be available in the Paid By drpdwn when Reduce Funds is selected in the Prcess As drpdwn. LB & SB are used in cnjunctin with amunts entered n the Cmmissins screen. Fr example, if a user has a listing brker cmmissin entered n the Cmmissins screen in a CDF rder, the user may select LB in the Paid By drpdwn fr any Paid By Other amunts that are prcessed as Reduce Funds; the same functinality exists fr selling brker. Tlerance: Specify the maximum percentage that a charge n the Clsing Disclsure may differ frm the Lan Estimate. Lan estimate: Enter the amunt f the charge as shwn n the Lan Estimate. Fee Type: Use t categrize the charge when transmitting file data electrnically. PERCENT CHARGE Use t calculate a percentage f the lan amunt, sales price, lan premium, r wner s premium. Use the first rw t set a percentage f lan amunt, sales price, lan premium, r wner s premium Runding t the nearest whle dllar may be specified with the checkbx. Adjustment amunts may be set n the secnd rw. Adjustment +/-: Enter a dllar amunt here; lead with a minus sign t subtract the amunt. Fr: Input a descriptin if necessary. PRORATION CHARGE Use this ptin t prrate a charge between a buyer & seller, r calculate just the buyer s r seller s prtin f a charge. 14

20 Cmpute Drp-dwn list: Select Split, Cmpute Buyer s Share f, r Cmpute Seller s Share f, depending n what is required. $ : Enter the ttal amunt f the charge. Frm/Thrugh: Enter the date range. = : Autmatically calculates when a date range is entered. Days f: The system calculates this field after the date range is entered. 30 Day Mnths: Select this ptin t base the prrating f this item n a 360-day year. When 30 Day Mnths is checked, PrFrm calculates the number f days the buyer r seller is respnsible fr by using 30 day mnths. Which Includes $ That Must Pay: Only available when a Split calculatins is selected. Defaults t Buyer; this line may be used t add an additinal charge fr either the Buyer r Seller. PAYOFF CHARGE This charge is cnfigured t determine a payff amunt fr a selected charge line. It may be calculated based n the Principal balance r a predetermined Payff Amunt. Calculate Lan Payff Using a Payff amunt: The Principal Balance and Interest fields are nt available by default. Lan Payff: The predetermined payff amunt. As f: The date thrugh which this payff is valid. Per diem: The per diem amunt. Days frm: Select the date frm which yu want the ttal payff calculated; defaults t Disbursement as data is entered. The Days field will calculate autmatically based n the selectin made here. Plus Extra Days: Enter any amunt f extra days t be cnsidered fr mail travel. Plus Late Fee After _/_/_: Enter the amunt f any late fee and the date after which the late fee is due. 15

21 Calculate Lan Payff Using Principal Balance: This checkbx defaults unchecked. The Lan Payff field is disabled when this ptin is selected. The tw fllwing fields are made editable when this ptin is selected: Principal balance: Enter the principal balance remaining n the lan. Interest: Enter any lump sum f interest charged. Additinal Charges: Up t 10 additinal charges may be added t r subtracted frm the payff. Ttal: The ttal f all Additinal Charges displays here. RECORDING FEES This charge type is based upn the frmulas cnfigured n the Recrding & Transfer Fee Frmulas screen. Once cnfigured, they may be selected with this dialg. Dcument: Specify deed, mrtgage, release, r ne f the 3 custm Dcument types if entered n Recrding & Transfer Fee Frmulas screen. Pages: Specify a number f pages t be recrded. Other: Specify a number f ther items such as index names, cancelled dcuments, etc.). Ttals: Prvides a ttal f the Deed, Mrtgage, and Release fees. Slr%: Enter a percentage f the recrding fee paid by the seller if applicable. TRANSFER TAX This charge type is based upn the frmulas cnfigured in the Recrding & Transfer Fee Frmulas sectin. Once cnfigured, they may be selected with this dialg. Frmula: Select a frmula t use, including City/Cunty, State, Other 1, r Other 2. Dcument: Select Deed r Mrtgage. PREPAID This ptin prvides a Mnths field which is used t indicate the ttal number f mnths fr the prepaid amunt. The mnths entered here will default int the Re field n the charge. 16

22 ESCROW These fields assist with escrw activities and functin similarly t the 1000 sectin f the HUD-1. Mnth/Payments@: Enter the number f mnths (r payments) that the Lender is requiring t be cllected up -frnt fr the initial depsit in the escrw accunt. If this escrw is being sent frm Sectin F, the per-mnth amunt will shw pre-calculated. Each: Enter amunt t be cllected each mnth/payment. This amunt will autmatically calculate when the Sectin G line has been selected as an Escrw Line n a Sectin F charge. Sectins A-J Details A. ORIGINATION CHARGES Charges paid by the cnsumer t each creditr/lan riginatr fr generating and extending credit. Items listed here might include: applicatin fee, riginatin fee, underwriting fee, prcessing fee, verificatin fee, rate-lck fee, etc. The first line, labeled f Lan Amunt (Pints), is required and may nt be deleted. Yu may manually enter the percentage f pints, r select the 01 line hyperlink t access the Line Details dialg and calculate the percentage based n the lan amunt. B. SERVICES BORROWER DID NOT SHOP FOR Services that the creditr requires in cnnectin with the transactin. These items are prvided by persns ther than the creditr r mrtgage brker, and fr which the creditr des nt allw the cnsumer t shp. This may include: appraisal fees, credit reprt fees, fld determinatin fee, etc. 17

23 C. SERVICES BORROWER DID SHOP FOR Services that the creditr requires in cnnectin with the transactin. These items are prvided by persns ther than the creditr r mrtgage brker, and fr which the creditr des allw the cnsumer t shp. These items may include: pest inspectin fees, survey fees, title insurance-related fees. D. TOTAL LOAN COSTS (BORROWER-PAID) Prvides a sum f the Brrwer-Paid subttals f Sectins A-C. This ttal generally represents all csts that the creditr and mrtgage brker require f the brrwer in cnnectin with the lan transactin. These lines may nt be deleted. E. TAXES AND OTHER GOVERNMENT FEES This sectin details the fees paid t state and lcal gvernments, particularly taxes and ther gvernment fees fr recrding dcuments, and transfer taxes assessed against the purchase price f a real estate cntract r the lan amunt. Lines in this sectin may nly cntain ne charge per line. F. PREPAIDS Includes prepaid charges fr real estate prperty taxes, insurance premiums, r ther items that must be paid t insure the prperty r satisfy real estate tax bligatins befre cmpletin f the credit transactin and the real estate clsing. Line F.03 is reserved fr prepaid interest and must shw $0.00 if interest is nt cllected in advance. Line F.03 is pulled frm the Terms, Payment & Arm screen under the General Tab. The first fur lines default t Hmewner s Insurance Premium, Mrtgage Insurance Premium, Prepaid Interest, and Prperty Taxes. These lines may nt be deleted. Lines 1-3 may nt cntain multiple charges. G. INITIAL ESCROW PAYMENT AT CLOSING This is the amunt that the brrwer is expected t set aside fr the establishment f an escrw accunt. The first three lines default t Hmewner s Insurance, Mrtgage Insurance, and Prperty Taxes. These lines may nt be deleted. Lines 1-2 may nt cntain multiple charges. The Aggregate Adjustment will autmatically srt t the last line in Sectin G and may nt be deleted; enter infrmatin int the amunt fields just like any ther fees received frm the lender. Prperty Taxes cllected with different time perids may be disclsed n separate lines in this sectin r as separate charges under line G.03. H. OTHER This sectin is used t disclse any items that are part f the real estate clsing, but nt required by the creditr r disclsed elsewhere. These may include all real estate brkerage fees, hmewner's r cndminium assciatin charges paid at cnsummatin, hme warranties, inspectin fees, and any wner s title insurance premiums. Real estate cmmissins must be the ttal amunt paid, regardless f the retentin f any earnest mney depsit. Owner s title insurance must include Title - at the beginning f the label, as well as the parenthetical (ptinal) at the end f the label when designated brrwer-paid at r befre clsing. I. TOTAL OTHER COSTS (BORROWER-PAID) Displays a sum f the Brrwer-Paid subttals f Sectins E-H. These lines may nt be deleted. J. TOTAL CLOSING COSTS (Brrwer-Paid) Displays a sum f the Brrwer-Paid subttals f Sectins D (Ttal Lan Csts) & I (Ttal Other Csts), ttals fr all amunts under all Brrwer-Paid, Seller-Paid, and Paid by Others, and any general credits prvided by the lender. These lines may nt be deleted. The Lender Credits descriptin is editable if additinal statements are required by the creditr n this line. 18

24 Lender credits is used t specify a general credit amunt frm the lender t the brrwer and must be input manually as a negative amunt. Prcess as may be specified here. See details abve fr explanatin. 19

25 CDF Page 3 This page prvides mre detail regarding clsing csts assciated with the transactin. Calculating Cash t Clse This sectin allws the user t list any differences in the ttals between what was included in the Lan Estimate and n the Final Clsing Disclsure Frm. COLUMNS Lan Estimate: Mst fields in this clumn are manual-entry and are designated fr amunts frm the lan estimate prvided by the lender. The Lan Estimate Ttal Clsing Csts (J) amunt will be the sum f all Lan Estimate amunts and can be manually verwritten. Final: All fields in this clumn are explained in the Lines sectin belw. Did this change?: The drp-dwn list will default t Yes r N based upn any difference between what is in the Lan Estimate clumn and the Final clumn. The user may manually input a reasn fr this difference in the field t the right. Clicking the buttn at the far right pulls up a dialg fr rich-text editing. The CDF requires that certain text included in this sectin be frmatted in bld; yu can use the Field Editr dialg which prvides a frmatting tlbar: Lkup tables are nt available fr these dialgs. The default fnt set fr CDF Page 3 is Tahma, 7pt. LINES The fllwing items crrespnd with the fields that are in the Final clumn: 1. Ttal Clsing Csts (J): Same as the Ttal Brrwer-Paid Clsing Csts n CDF Page 2, Sectin J. 20

26 2. Clsing Csts Paid Befre Clsing: The sum f all Brrwer clsing csts paid befre clsing amunts. 3. Clsing Csts Financed (Paid frm yur Lan Amunt): This is a manual entry field. 4. Dwn Payment/Funds frm Brrwer: When the rder is a purchase, this field cntains the sum f lines K.01- L.02 minus any Clsing Csts Financed. When the rder is nt a purchase, this field cntains the sum f all Sectin K Payff charges, minus L.02 and any Clsing Csts Financed. An amunt is displayed if the ttal f Sectin K is greater than the ttal f Sectin L, therwise the field displays $ Depsit: Sum f all Depsit/Earnest mney entered n the Sales Price, Depsit/Earnest Mney screen. 6. Funds fr Brrwer: When the rder is a purchase, this field cntains the sum f K.01-L.02 minus any Clsing Csts Financed. When the rder is nt a purchase, this field cntains the sum f all Sectin K Payff charges, minus L.02 and any Clsing Csts Financed. An amunt is displayed if the ttal f Sectin K is less than the ttal f Sectin L, therwise it displays as $ Seller Credits: This field is the same as the L.05 Brrwer Amunt field n CDF Page Adjustments and Other Credits: When the rder is a purchase, this field cntains the sum f lines K.02, K.04- K.15 n CDF Page 3 and subtracts the sum f all nn-payff charges n lines L.03, L.04 & L.06-L.17 n CDF Page 3. When the rder is nt a purchase, this field cntains the sum f all nn-depsit lines K.02, K.04-K.15 n CDF Page 3 and subtracts the sum f all nn-payff charges n lines L.03, L.04 & L.06-L Cash t Clse: This line displays the ttals f the Lan Estimate and Final clumns. Summaries f Transactins This sectin f CDF Page 3 cntains Sectins K, L, M, and N. Unlike CDF Page 2, these sectins are nt srted alphabetically; lines may nt be added r deleted. SECTION GRIDS The fur grids in this sectin cntain manual-input grids. Yu are able t specify the varius credits and debits assciated with the brrwer and seller. The Credit/Debit Clumn fund in Sectins K and L may be used t specify which items shuld appear in bth brrwer and seller amunt clumns as a debit t ne and a credit t the ther. Single-sided debits and credit amunts may be specified n certain rws; sme rws are always single-sided. If an amunt is sent frm sectin K r L M r N, nthing else can be sent t the destinatin line in M r N. In this Page 3 example, an amunt titled Sample Item is being sent frm L.09 t N.09: If the user attempts t send anther charge t N.09, an errr is displayed: 21

27 A Tlerance credit drp-dwn is included in Sectin L which is used t specify if a credit amunt was given t the brrwer t ffset a tlerance vilatin. Ttals frm each sectin are displayed at the tp f each respective sectin. Line Detail Dialgs After clicking a hyperlinked line number in the CDF Page 3 grid, a Line Detail Dialg will appear. These dialgs allw yu t enter additinal details regarding a charge (ex. Credit/Debit, Tlerance, Fee Type, etc.), multiple charges that will ttal n the main line n CDF Page 3, and chse additinal calculatin charge types t autmatically calculate the charge amunt. The tw headings at the tp f the dialg identify the Sectin and Line number fr the charge currently displayed. The grid fund in the tp prtin f the dialg lists and prvides a summary f the charges present n the line being edited; details cannt be entered int this grid. Click n a grid rw t edit the charge. Additinal charges may be added r deleted by pressing the buttns fund in the upper left. The bttm prtin f the dialg cntains varius fields and drp-dwn lists fr cnfiguring line charges. There are eight calculatin types available. When adding a new charge t a line, yu must select Basic, Percent, Prratin, Payff, Recrding Fee, Transfer Tax, Prepaid, r Escrw, and then press the Details buttn t edit: 22

28 When multiple charges are added t a line, charges will be itemized n the Clsing Disclsure Addendum page and the ttal will print n the main CDF Page 3 line with a default descriptin r reference See Additinal xxx items. This default descriptin can be manually verridden. BASIC CHARGE This is the default charge presented in the Line Detail dialg. The details buttn is nt available with this charge; the basic charge is entered directly int the Line Detail dialg. The Desc, Re, DS, T, and Address fields functin the same as the HUD lines. Brrwer/Seller: Depending n the sectin f Summaries f Transactins in which the charge appears, this rw will include either a Brrw-Paid r Seller-Paid amunt. Prcess As: Incming Fund: The amunt is cnsidered an incming fund n behalf f the brrwer r seller; use t specify mnies that shuld be brught t the clsing. This will generate a depsit in either the Receipts Register (Enterprise versin) r as a generated incming depsit (Standard versin). In Funding Check: The amunt is designated t be included in the funding check. The amunt Paid by Others will need t be added t the Funding Check if the Funding type is marked as Grss. If Funding type is marked as Net, the Funding Prceeds will adjust autmatically. Reduce Funds: The user specifies a Paid By cntact frm the drp-dwn list belw, which deducts frm the Party s check; a warning is issued if the check isn t big enugh t cver the amunt. If this ptin is selected, the Paid By field is activated and the user will need t indicate frm which party the funds are being reduced. Paid By: Drp-dwn list includes ptins fr all gruped check cntacts. Credit/Debit: Specify the sectin/line fr this charge. Tlerance: This field nly appears in/applies t Sectin L. Use t specify the maximum percentage that a charge n the Clsing Disclsure may differ frm the Lan Estimate. Select Nne if the tlerance desn t apply t the charge. Fee Type: Use t categrize the charge when transmitting file data electrnically. PERCENT CHARGE Use t calculate a percentage f the lan amunt, sales price, lan premium, r wner s premium. Use the first rw t set a percentage f lan amunt, sales price, lan premium, r wner s premium Runding t the nearest whle dllar may be specified with the checkbx. Adjustment amunts may be set n the secnd rw. 23

29 Adjustment +/-: Enter a dllar amunt here; lead with a minus sign t subtract the amunt. Fr: Input a descriptin if necessary. PRORATION CHARGE Use this ptin t prrate a charge between a buyer & seller, r calculate nly the buyer s r seller s prtin f a charge. Cmpute Drp-dwn list: Select Split, Cmpute Buyer s Share f, r Cmpute Seller s Share f, depending n what is required. $ : Enter the ttal amunt f the charge. Frm/Thrugh: Enter the date range. = : Autmatically calculates when a date range is entered. Days f: The system calculates this field after the date range is entered. 30 Day Mnths: Select this ptin t base the prrating f this item n a 360-day year. When 30 Day Mnths is checked, PrFrm calculates the number f days the buyer r seller is respnsible fr by using 30 day mnths. Which Includes $ That Must Pay: Only available when a Split calculatins is selected. Defaults t Buyer; this line may be used t add an additinal charge fr either the Buyer r Seller. PAYOFF CHARGE This charge is cnfigured t determine a payff amunt fr a selected charge line. It may be calculated based n the Principal balance r a predetermined Payff Amunt. Calculate Lan Payff Using a Payff amunt: The Principal Balance and Interest fields are nt available by default. Lan Payff: The predetermined payff amunt. As f: The date thrugh which this payff is valid. 24

30 Per diem: The per diem amunt. Days frm: Select the date frm which yu want the ttal payff calculated; defaults t Disbursement as data is entered. The Days field will calculate autmatically based n the selectin made here. Plus Extra Days: Enter any amunt f extra days t be cnsidered fr mail travel. Plus Late Fee After _/_/_: Enter the amunt f any late fee and the date after which the late fee is due. Calculate Lan Payff Using Principal Balance: This checkbx defaults unchecked. The Lan Payff field is disabled when this ptin is selected. The tw fllwing fields are made editable when this ptin is selected: Principal balance: Enter the principal balance remaining n the lan. Interest: Enter any lump sum f interest charged. Additinal Charges: Up t 10 additinal charges may be added t r subtracted frm the payff. Ttal: The ttal f all Additinal Charges displays here. RECORDING FEES This charge type is based upn the frmulas cnfigured n the Recrding & Transfer Fee Frmulas screen. Once cnfigured, they may be selected with this dialg. Dcument: Specify deed, mrtgage, release, r ne f the 3 custm Dcument types if entered n Recrding & Transfer Fee Frmulas screen. Pages: Specify a number f pages t be recrded. Other: Specify a number f ther items such as index names, cancelled dcuments, etc.). Ttals: Prvides a ttal f the Deed, Mrtgage, and Release fees. Slr%: Enter a percentage f the recrding fee paid by the seller if applicable. TRANSFER TAX This charge type is based upn the frmulas cnfigured in the Recrding & Transfer Fee Frmulas sectin and is used fr CDF Page 2 Sectin E lines. Once cnfigured, they may be selected with this dialg. Frmula: Select a frmula t use, including City/Cunty, State, Other 1, r Other 2. 25

31 Dcument: Select Deed r Mrtgage. PREPAID This ptin prvides a Mnths field which is used t indicate the ttal number f mnths fr the prepaid amunt. The mnths entered here will default int the Re field n the charge. ESCROW These fields assist with escrw activities and is used fr CDF Page 2 Sectin G lines. Mnths/Payments@ $ Each: Enter the number f mnths (r payments) that the Lender is requiring t be cllected up-frnt fr the initial depsit in the escrw accunt. If this escrw is being sent frm Sectin F, the per-mnth amunt will shw pre-calculated. Each: Enter amunt t be cllected each mnth/payment. This amunt will autmatically calculate when the Sectin G line has been selected as an Escrw Line n a Sectin F charge. Calculatins The calculatin sectin underneath sectins (K) and (L) cntains three lines: Sectin K ttal: Ttal Due frm Brrwer at Clsing. Sectin L ttal: Ttal Already Paid by/n Behalf f Brrwer at Clsing. Cash t Clse: The buttn pens the Divisin f Prceeds & 1099-S Data dialg. 26

32 Frm: Checked autmatically when cash is due FROM the brrwer and a receipt is generated. T Brrwer: Checked autmatically when cash is due TO the brrwer and a disbursement is generated. Amunt: Displays the difference between Sectin K and Sectin L as a psitive amunt. The calculatin sectin underneath (M) and (N) cntains three lines: Sectin M ttal: Ttal Due t Seller at Clsing. Sectin N ttal: Ttal Due frm Seller at Clsing. Cash t Clse: The buttn pens the Divisin f Prceeds & 1099-S Data dialg. Frm: Checked autmatically when cash is due FROM the seller and a receipt is generated. T Seller: Checked autmatically when cash is due TO the seller and a disbursement is generated. Amunt: Displays the difference between Sectin M and Sectin N as a psitive amunt. Transactins withut a Seller CDF Page 3 will shw a Payffs and Payments grid and the ptinal Calculating Cash t Clse table when the fllwing criteria are met: The Transactin type is nt Purchase ; AND The Use ptinal Clsing Disclsure frms fr transactins nt invlving seller bx is checked n the CDF Optins screen: N seller cntacts exist in the rder; AND Sales price is $0.00 PAYOFFS AND PAYMENTS This table cntains fifteen lines and is used t summarize payffs and payments t thers required with the transactin: Descriptin: Enter a descriptin f the line item. Re: Enter a mem r ther nte abut this item. DS: Select a disbursement status cde frm this drp-dwn list. T: Enter the name f the payee fr this item. 27

33 Amunt: Enter the charge amunt Ttal: A ttal fr K. Ttal Payffs and Payments is displayed directly belw the grid. CHARGE DETAIL DIALOGS Clicking a hyperlinked number n the left side f the Payffs and Payments grid will display the charge detail dialg fr that line. Multiple charges may be added n each line as explained abve. CALCULATING CASH TO CLOSE The Calculating Cash T Clse sectin cntains fewer ptins with transactins nt invlving a seller: LINES 1. Lan Amunt: The first field is fr the estimated lan amunt; the secnd field defaults frm the final lan amunt n CDF Page 1 and the principal amunt f lan field n the Express Order Entry Screen and the Lan, Funding & PrTrust screen. 2. Ttal Clsing Csts (J): Same as the Ttal Brrwer-Paid Clsing Csts n CDF Page 2, Sectin J. 3. Clsing Csts Paid Befre Clsing: The sum f all Brrwer clsing csts paid befre clsing amunts. 4. Ttal Payffs and Payments (K): The ttal f charges input in the Payffs and Payments grid abve are displayed here alngside the estimated amunt and shuld be a negative amunt. 5. Cash t Clse: This line displays the ttals f the Lan Estimate and Final clumns. The buttn pens the Divisin f Prceeds & 1099-S Data dialg. Frm/T Brrwer: The ttals calculated the Lan Estimate and Final clumns are displayed as psitive amunts; the T checkbx will be selected if that amunt is due t the brrwer, the Frm checkbx will be selected if that amunt is due frm the brrwer. Clsing Csts Financed (Paid frm yur Lan Amunt): This is a manual entry field. 28

34 CDF Page 4 Lan Disclsures This sectin shws additinal infrmatin regarding the lan. ASSUMPTION Select will allw if the prperty is sld r transferred t anther persn and the lender allws assumptin f the lan n the riginal terms, therwise check will nt allw. DEMAND FEATURE Select has a demand feature if the lender is permitted t require early repayment f the lan, therwise check des nt have a demand feature. LATE PAYMENT Any dllar r percent charge impsed by the lender due t a late payment, ther than a deferral r extensin charge, shuld be disclsed in this sectin. This infrmatin is the same as that fund n the Terms, Payment & ARM screen. The first and secnd fields are the same as the Late Charge after and days at fields n the Terms, Payment & ARM screen. The late fee buttn will take the user t Terms, Payment & ARM screen. Entering a late payment percentage n the Terms, Payment & ARM screen will cause this sectin t default t that percentage, as well as the verbiage f the mnthly principal and interest payment. If a late fee percentage is nt entered, but a dllar amunt is input in the Late fee field n the Terms, Payment & ARM screen, this amunt will display in the secnd field here. NEGATIVE AMORTIZATION Select are scheduled t make mnthly payments if the lan will have mnthly payments that d nt pay all the interest due that mnth. Select may have mnthly payments if the lan may have mnthly payments that d nt pay all the interest due that mnth. Select d nt have if the lan des nt have negative amrtizatin. PARTIAL PAYMENT Select may accept payments if the lender accepts payments that are less than the full amunt due. Select may hld them in a separate accunt if the lender hlds any partial payments in a separate accunt until the remainder f the payment is received. Select des nt accept if partial payments are nt allwed. Yu may select bth may accept payments and may hld them in a separate accunt if bth are applicable t the lan. SECURITY INTEREST The Security Interest disclsure will ppulate with the prperty in the rder. 29

35 Click the security interest buttn and enter any additinal security interest used t secure the credit transactin n the Additinal Security Interest dialg. Check the apprpriate page(s) n which the additinal infrmatin shuld print: Prperty: Click the prperty buttn t enter r edit the prperty address n the Prperty, Legal Descriptin screen. ESCROW ACCOUNT The lan may r may nt have an escrw accunt. Use this sectin t disclse the escrw cnfiguratin: The first radi buttn indicates that the lan will have an escrw accunt and activates the fields beneath. Input the apprpriate escrwed/nn-escrwed csts in the fields n the left side, and shrt written descriptins in the fields t the right. These fields will default frm the Estimated Taxes, Insurance & Assessments sectin n CDF Page 1 screen. Any amunts that are entered in the Payment Infrmatin Letter dialg and have bth the Include and In Escrw checkbxes checked, will appear in the Escrwed Prperty Csts ver Year 1 sectin. If there are bth escrwed and nn-escrwed amunts, thse amunts that are entered in the prperty cst payment grid and have nly the Include checkbx checked will appear in the Nn-Escrwed Prperty Csts ver Year 1 sectin. The first ellipses buttn in this sectin will jump the user t Sectin G n CDF Page 2. The secnd buttn displays the Estimated Escrw amunt; when clicked, it will jump the user t the Estimated Escrw field n CDF Page 1. 30

36 The secnd radi buttn indicates that the lan wn t have an escrw accunt. The tw sub-ptins require that the user specify why the lan will nt have an escrw accunt. The remaining fields are present t nte the estimated prperty csts and waiver fee. Estimated Prperty Csts ver Year 1 will default t the ttal f all amunts entered in the prperty cst payment grid n the Payment Infrmatin Letter screen n CDF Page 1 where the Include checkbx is checked, but In Escrw is nt checked. Adjustable Payment (AP) Table Enter any changes t the principal and interest payment, excluding changes t the interest rate, in the Adjustable Payment (AP) Table. This sectin will print n page 4 f the Clsing Disclsure frm when Yes is selected in the Interest Only, Optinal, Step, r Seasnal drp-dwns. Edit: This buttn pulls up the Adjustable Payment (AP) Table Dialg. The Interest Only rw ppulates autmatically with infrmatin specified n CDF Page 1. Interest Only buttn: mves yu t CDF Page 1; will default t Yes when the Includes nly interest and n principal until checkbx is checked. Optinal, Step, and Seasnal payments may be specified, as well as their respective duratins. The remaining rws allw fr the user t specify when Mnthly Principal and Interest Payments begin t change, as well the amunt f fluctuatin and Maximum Payment amunt. The Principal and Interest Payments drp-dwn list is the same as the Payment Frequency field n the Term, Payment & Arm screen. First Change/Amunt: Click the buttn t edit the Principal & Interest sectin f CDF Page 1; this rw defaults with infrmatin frm that sectin. Subsequent Changes: This rw defaults with infrmatin frm the Principal & Interest sectin f CDF Page 1. 31

37 Maximum Payment: Click the buttn t edit the Principal & Interest sectin f CDF Page 1; this rw defaults with infrmatin frm the Can g as high as fields. Adjustable Payment (AP) Table Dialg This dialg allws the user t view the Adjustable Payment material as it will appear in the final dcument. If necessary, the cntent in these fields may be edited and altered manually prir t rending the print dcument: Adjustable Interest Rate (AIR) Table Enter any changes t the interest rate, in the Adjustable Interest Rate (AIR) Table. This sectin will print n page 4 f the Clsing Disclsure frm when Yes is selected in the CDF Page 1 Interest Rate > Can this amunt increase after clsing drp-dwn. Edit: This buttn pulls up the Adjustable Interest Rate (AIR) Table Dialg. This table is used t specify the details f the Adjustable Interest Rate f the lan, including maximum and minimum rates, frequency f rate changes, as well as the maximum percentage that the rate may fluctuate. Several Fields in this area are shared between screens: Margin is the same n the ARM Data screen. Initial Interest Rate is the same as Annual Interest Rate n the Terms, Payment & ARM screen and Interest Rate n the CDF Page 1 screen. 32

38 The Minimum/Maximum rates are the same as the Lifetime maximum/lifetime minimum rates n the ARM Data screen as well as the fields fund in the Interest Rate sectin f the CDF Page 1 screen. Change Frequency (First/Subsequent): Click these tw buttns t edit the Interest Rate sectin f CDF Page 1; each rw defaults with infrmatin frm the Adjusts every sectin. Limits n Interest Rate Changes (First/Subsequent): These tw manual-entry fields exist t specify the maximum increases that may ccur with each peridic interest rate changes. Adjustable Interest Rate (AIR) Table Dialg This dialg allws the user t view the Adjustable Interest Rate material as it will appear in the final dcument. If necessary, the cntent in these fields may be edited and altered manually prir t rending the print dcument: 33

39 CDF Page 5 Lan Calculatins This area cntains five fields which may be filled manually. DESCRIPTIONS Ttal f Payments: The final dllar amunt that the brrwer will have t pay fr the lan, including principal, interest, mrtgage insurance, and lan csts. Enter manually. Finance Charge: The dllar amunt that the lan will cst the brrwer. Enter manually. Amunt Financed: The lan amunt available t the brrwer after they pay the up-frnt finance charge. Enter manually. Annual Percentage Rate (APR): Brrwer csts ver the lan term expressed as a rate; nt the interest rate. Enter manually. Ttal Interest Percentage (TIP): Ttal amunt f interest the brrwer will pay ver the lan term as a percentage f the lan amunt. Enter manually. Other Disclsures The Other Disclsures sectin n Page 5 prints the Appraisal, Cntract Details, Liability after Freclsure, Refinance, and Tax Deductins disclsure paragraphs as required by (p). Appraisal: Check this bx t print the prperty appraisal disclsure n Page 5 f the Clsing Disclsure frm if it is required: 34

40 Liability after Freclsure: This is a required selectin. It is used t indicate t the brrwer what will happen if a lender freclses n their prperty and the freclsure desn t cver the unpaid balance n the lan: State law may prtect yu frm liability: Select this radi buttn if state law may prtect the brrwer frm liability fr the unpaid balance. State law des nt prtect yu frm liability: Select this radi buttn if state law des nt prtect the brrwer frm liability fr the unpaid balance. Cntact Infrmatin The data fr each cntact must be edited n the screen where that cntact resides; there are buttns cntact which take the user t the screen where they may enter this infrmatin. next t each CONTACT INFORMATION The five clumns shwn in this sectin (Lender, Mrtgage Brker, Real Estate Brker (B), Real Estate Brker (S), and Settlement Agent) display the respective cntact and licensing infrmatin fr these rder cntacts. Infrmatin can be added r edited by clicking the buttns at the tp f each clumn. Name: Displays infrmatin frm existing cntacts n yur rder. Address: Will default autmatically t the cntact s address, if available. Missing r incrrect infrmatin fund here must be crrected by making edits n the respective cntact s screen. NMLS ID: The Natinwide Mrtgage Licensing System & Registry number will default if this infrmatin already exists in the cntact s infrmatin. Otherwise, it must be entered n the selected rder cntact s screen. State License ID: Applies t the primary rganizatin listed in the Name rw at the tp f the clumn. 35

41 The title f this rw, shwn in the far left clumn, will default autmatically based n the state in which the prperty resides. This can be manually verridden. It can always be reset back t the default heading by pressing F2. The State License ID numbers shwn acrss this rw will default if this infrmatin already exists in the cntact s infrmatin. Otherwise, it must be entered n the selected rder cntact s screen. Cntact: Names in this rw default autmatically based n what is input in the infrmatin fr the varius rder cntacts. These names will shw as primary cntact persns n the Clsing Disclsure frm. Cntact NMLS ID: Ppulates autmatically with the cntact persn s Natinwide Mrtgage Licensing System & Registry data. Missing r incrrect infrmatin here may be crrected in the crrespnding cntact persn s infrmatin. Cntact State License ID: Applies t the primary Cntact persn selected fr the rganizatin. The title f this rw, shwn in the far left clumn, will be enabled autmatically, based n the state in which the prperty resides. This can be manually verwritten. It can always be reset back t the default heading by pressing F2. The State License ID numbers shwn in this rw will default if this infrmatin already exists in the cntact s infrmatin. Otherwise, it must be entered n the selected rder cntact s screen. Ppulates autmatically with the selected primary cntact persn s address. Missing r incrrect infrmatin may be crrected n the applicable rder cntact s infrmatin. Phne: Ppulates autmatically with the selected primary cntact persn s phne number. Missing r incrrect infrmatin may be crrected n the applicable rder cntact s infrmatin. ADDITIONAL CONTACTS If additinal cntacts are needed aside frm the five included in this sectin, the Additinal Cntacts buttn fund n tp f the grid may be used. The Additinal Cntacts dialg appears, allwing fr the additin f new cntacts. These cntacts will print n the Clsing Disclsure Frm Addendum page. This screen is als accessible via the General tab. Cnfirm Receipt Yu may adjust the signature lines n the Clsing Disclsure frm by using these radi buttns: 36

42 BUYER/BORROWER N signatures: If n signatures are required, select this radi buttn. The Cnfirm Receipt sectin will nt be printed. Instead, a Lan Acceptance paragraph will be printed underneath the Lan Calculatins sectin. Print Applicant & C-Applicant : Select this radi buttn if the Cnfirm Receipt sectin is required t print with the generic text Applicant, C-Applicant, and Date, under the signature lines. Selectin f this ptin will print the Cnfirm Receipt sectin and mit the Lan Acceptance paragraph. Print buyer/brrwer names: Select this radi buttn if the Cnfirm Receipt sectin is required t print with the buyer/brrwer s names under the signature lines. Selectin f this ptin will print the Cnfirm Receipt sectin and mit the Lan Acceptance paragraph The Buyer/Brrwer buttn may be clicked t access the Buyer/Brrwer Signature Lines dialg: This dialg cntains nine pairs f signature lines, as well as a drp-dwn menu at tp fr selecting the title fr the CDF: 37

43 Other Changes In additin t five pages/screens that have been added with the Clsing Disclsure Frm (CDF), the new requirements have affected several ther areas f the applicatin. Utilities PrFrm API: Updated t create and edit CDF files. Data Cllectr: Supprt has been added fr CDF fields. PrDesign Supprt has been added fr CDF fields. PrFrm NEW ORDER The CDF rder type has been added t the New File/Template dialg: OVERLAY TAB SELECTION A CDF ptin has been added t the Overlay Tab Selectin dialg: READYDOCS The ReadyDc Tree will remain rganized as it has been. The nly changes made with the CDF release: 38

44 The HUD-1 & Clsing flder has been renamed t Escrw & Clsing. A CDF Dcuments flder has been added. DESCRIPTION FIELDS A new descriptin field has been added t: Title Insurance Premiums fr the wner s plicy, wner s additinal fee, lan plicy, & lan plicy additinal fee. Additinal title charges Endrsements This field is needed because CDF requirements specify that the prefix Title be added t all title related charges, and that the verbiage (ptinal) be added at the end f the Owner s title insurance premium. Tw examples: Title Insurance Premium: Endrsement: CDF LINE DROP-DOWN LISTS & SENDING CHANGES CDF Line drp-dwns have been added t every lcatin in the applicatin that a HUD-1 drpdwn was lcated. NOTE: In a cuple f areas, a checkbx has been added which wrks t send mnies like these lists. Affected screens include: Taxes (City, Cunty, Assessments) Sales Price, Depsit/Earnest Mney Increased/Additinal Depsits Lan, Funding and PrTrust Terms, Payment & ARM Builder, Cntract, & Escrw fr Cmpletin HOA/Management Cmpany Fees and Dues Security Instruments, Trustee & Riders > Mdificatin (Include n CDF L.03): Prperty, Legal Descriptin > Husehld Appliances, Fixtures, etc (K.02): Requested track items Cmmissins Seller Prceeds These drp-dwns allw the user t send data t a specific CDF line. An ellipse buttn is lcated next t each drpdwn s that the user may view a charge s details and make adjustments as necessary. This example shws tw types f line drp-dwns: 39

45 Editable: The Purchase Mney/Seller Financing amunt may be sent t any nn-reserved line in Sectin L by using the drp-dwn. Reserved: The Depsit/Earnest Mney amunt has a reserved line (Page 3, L.01) which may nt be altered. CDF LINE DROP-DOWN TIPS Sending mney t the CDF may be dne by selecting a specific line, r with the Next Available Line ptin: Mney sent t CDF Page 2 may mve t a different line than the ne selected by the user. This is because CDF regulatins require that the lines n Page 2 srt autmatically by descriptin. Fr example, the item titled 123 Pest Cntrl was manually sent t line H.04, but after adding the ther five items (A, a, B, b, C) and leaving Page 2, the six charges were alphabetized: The exceptin t this srting requirement wuld be nn-restricted transactins, such as cmmercial transactins, hme equity lines f credit, reverse mrtgages, etc. In these situatins, the user may manually turn ff srting by using the ptins screen. A number f areas in the rder allw fr mney t be sent t the same destinatin line n the CDF; in ther wrds, they may be gruped n the same line. This is very useful with items such as title charges and endrsements. Sme lines n CDF Page 2 may nt cntain mre than ne charge per line. See Sectin A-J abve fr details n which lines are restricted t ne charge per rw. Sme lines n CDF Page 3 may nt cntain mre than ne charge per line. See abve fr details. 40

46 CDF LINE DROP-DOWN EXAMPLES Here are a few examples f this new Line drp-dwn: Title Insurance > Plicy Premium, Dates, & Numbers: Additinal Title Charges: Endrsements: HOA/Management Cmpany Fees and Dues: USING THE NEXT AVAILABLE OPTION IN TEMPLATES, ORDERS, & LOOKUPS Templates: A template may be set with an amunt AND Sectin.xx in a line drp-dwn: When the template is verlaid it will trigger the Next available line functinality. The user can hard-cde a specific line in the line drp-dwn, but this is NOT advised. Users shuld always use Sectin.xx s that items dn't accidentally becme gruped n a line with charges already in the rder. 41

47 Orders: An rder may have Sectin.xx in a line drp-dwn, but the amunt MUST be zer ($0.00): When the rder is verlaid, the Sectin.xx will verlays. Once an amunt is input, it will trigger the Next available line functinality. The user can hard-cde a specific line in the line drp-dwn, but this is NOT advised. Users shuld always use Sectin.xx s that items dn't accidentally becme gruped n a line with charges already in the rder. Lkups: The rules fr lkups fllw the tw bullets abve fr templates and rders. Template: The user may add template lkup entries with an Amunt AND Sectin.xx. Orders: The user may add rder lkup entries with Sectin.xx if the crrespnding amunt is zer. If an entry in a lkup table has a sectin set in the CDF Line drp-dwn field (i.e. - H.xx), the next available line in that sectin will be chsen when the entry is retrieved frm the lkup table. TERMS, PAYMENT & ARM: Several CDF-related changes have been made t Terms & Payment Infrmatin and Interim Interest The TIL buttns d nt apply t a CDF rder and n lnger appear in the upper right crner f this screen; nly the Arm Data buttn remains. 2. The Number f Payments per Year drpdwn has been changed t Payment Frequency, it nw lists the fllwing items (crrespnding numbers are listed in parentheses: Weekly (52), Bi-Weekly (26), Semi-Mnthly (6), Mnthly (12), Quarterly (4), Semi-Annually (2), and Annually (1). Changing Payment frequency changes the Ttal Number f Payments field. Fr example, the default is Mnthly and 360 Payments: 42

48 When changed t Annually, the payments field changes t 30. If the Ttal Number f Payments is entered manually, then the number f Lan Years will change: 3. A Balln after term type has been added. The ptins fr this are Mnth(s), Year(s), & Payment(s). 4. A Lan Years field has been added, which is used t indicate the number f years f the lan. 5. A Payment Infrmatin buttn has been added, which displays the same new dialg that is included in the Estimated Taxes, Insurance & Assessments sectin f CDF Page A drp-dwn list has been added t specify hw interim interest is t be paid; this used t be a radi buttn. 2. The CDF Line will always default t F.03. Althugh the sectin and line cannt be changed, the ellipses buttn can be used t edit charge details. 43

49 CITY/TOWN TAXES Tax Status and Dates: 1. The Shw Tax Figures n HUD-1 buttns have been remved and the label has been renamed Shw Tax Figured n CDF. A CDF Line drp-dwn nw appears next t Shw tax figures n CDF. 2. Amunts can be shwn as paid utside f clsing (POC). Tax Amunts: The Aggregate Payment Schedule buttn has been remved. 3. Tw CDF Line drp-dwns nw appear in this sectin: Seller s Nn-Prrated/Persnal Amunt: can be shwn as paid utside f clsing (POC). Tax Escrw: allws the user t specify a number f mnths t be escrwed CDF Figures: 4. This sectin was previusly labeled HUD 1 Page 1 Figures. 44

50 COUNTY TAXES Tax Status and Dates: 1. The Shw Tax Figures n HUD-1 buttns have been remved and the label has been renamed Shw Tax Figured n CDF. A CDF Line drp-dwn nw appears next t Shw tax figures n CDF. 2. Amunts can be shwn as paid utside f clsing (POC). Tax Amunts: The Aggregate Payment Schedule buttn has been remved. 3. Tw CDF Line drp-dwns nw appear in this sectin: Seller s Nn-Prrated/Persnal Amunt: can be shwn as paid utside f clsing (POC). Tax Escrw: allws the user t specify a number f mnths t be escrwed CDF Figures: 4. This sectin was previusly labeled HUD 1 Page 1 Figures. 45

51 ASSESSMENTS Tax Status and Dates: 1. The Shw Tax Figures n HUD-1 buttns have been remved and the label has been renamed Shw Tax Figured n CDF. A CDF Line drp-dwn nw appears next t Shw tax figures n CDF. 2. Amunts can be shwn as paid utside f clsing (POC). Tax Amunts: The Aggregate Payment Schedule buttn has been remved. 3. Tw CDF Line drp-dwns nw appear in this sectin: Seller s Nn-Prrated/Persnal Amunt: can be shwn as paid utside f clsing (POC). Tax Escrw: allws the user t specify a number f mnths t be escrwed CDF Figures: 4. This sectin was previusly labeled HUD 1 Page 1 Figures. 46

52 COMMISSIONS This screen has been restructured t wrk with the new CDF screens. Cmmissins may be may be sent frm t Sectin H.01-H.99 with the three new CDF Line Drp-dwns. The Additinal Cmmissins buttn at the bttm f the screen has been remved frm this screen, as these can be manually added t the CDF. The Brker t Pay Cmmissins Directly t Other Brker ptin was remved; this can be handled with Flex Checks. A Print additinal disbursements frm brker s cmmissin n Addendum checkbx has been added t the Optins screen t cntrl hw/where these items are printed. SELLER FINANCING The CDF Line drp-dwn remains in place fr a seller financed transactin: Fr a seller-financed transactin, the default descriptin that will shw n CDF Page 3 is Purchase Mney Nte; this can be manually verridden: Purchase mney is a Buyer Credit/Seller Debit. After the user selects a Sectin L line t send the mney t, the applicatin will autmatically select the next available line in Sectin N t create the ffsetting seller debit. 47

53 LOAN, FUNDING AND PROTRUST Principal Amunt f Lan: This amunt is always sent t L.02 n CDF Page 3 in CDF rders: 1. Cnstructin/Equity Line First Draw: Using this field displays the lan amunt in the RE clumn with brackets, and Puts the balance (lan amunt cnstructin draw) in the RE clumn with brackets. Fr example, here the balance is shwn as Balance:[$105,000.00]: 2. CDF Line drp-dwn: Allws the user t put the cnstructin draw n an available line in Sectin L. APPRAISAL INFORMATION The HUD-1 Line drpdwn list was remved frm this screen in CDF rders since it desn t invlve any amunts. BUILDER, CONTRACT, & ESCROW FOR COMPLETION Cntract/Escrw fr Cmpletin: A CDF Line drp-dwn has been added t the Amunt Held in Escrw and Escrw fee lines: 48

54 The default descriptins that shw are Amunt held in escrw and Escrw fee but they may be edited manually: HOA/MANAGEMENT COMPANY FEES AND DUES A CDF Line drp-dwn has been added t each f the rws here; amunts may nly be sent t Sectin H f Page 2. SECURITY INSTRUMENTS, TRUSTEE & RIDERS Mdificatin: An Include n CDF checkbx has been added: 49

55 Checking this will send the amunt shwn L.03 n CDF Page 2; Existing Lan(s) Assumed r Taken Subject t: PROPERTY, LEGAL DESCRIPTION Husehld Appliances, Fixtures, Etc: An Include n CDF checkbx has been added. Checking this send the amunt t K.02 n CDF Page 3; Sale Price f Any Persnal Prperty Included in Sale: REQUESTED TRACK ITEMS A CDF Line drp-dwn has been added. If the Status drp-dwn is NOT blank, the payee and address inf will be sent t the selected CDF line. 50

56 DIVISION OF PROCEEDS & 1099-S DATA A Line drp-dwn has been added t the Distributin(s) t Seller(s) sectin. This differs frm the HUD-1, which had a checkbx n line 517 fr diverting seller prceeds. Prceeds may be sent t Sectin H r N: Cash T Buyer/Brrwer: DS: Select an applicable disbursement status cde. T: Enter the name f the payee. Ttal Cash t Buyer/Brrwer: Displays the ttal cash t the Buyer/Brrwer. This is the same as the ttal cash T Brrwer fund at the bttm f CDF Page 3. Distributin(s) T Seller(s): Ttal Buyer's Part f Real Estate Taxes: The default fr this field is the ttal amunt f the buyer/brrwer's prtin f city and cunty taxes and assessments. If the seller paid taxes prir t clsing, enter the ttal amunt the buyer wes. Ttal Cash t Seller(s): The ttal amunt f cash ging t the Seller. This is the same as the Ttal cash T Seller fund at the bttm f CDF Page 3. Name field: Will default as entered n the Seller, Officers & Signatures screen in the General tab. Percentage f Ttal: The percentage f the prceeds alltted t each Seller entered n the Seller, Officers & Signatures screen. Disb. Status: indicates hw an amunt is t be disbursed. Select ne f the fllwing cdes: Cde S Descriptin Separate, unique disbursement Funds diverted t a flex check. There are 25 flex checks available. Flex check summaries appear n Screens 25 and 26 f the HUD-1 & Clsing tab. H Held. Cash t Seller: The default fr this field is the prtin f the Ttal Cash t Seller(s) t be disbursed t this seller. If there is mre than ne seller, the ttal amunt will be divided amng them accrding t the percentage distributin alltted t each seller n the Seller, Officers & Signatures screen S Prceeds: The default fr this field is the grss prceeds t be disbursed t this seller. If there is mre than ne seller, the ttal amunt f the grss prceeds frm the sale will be divided amng them 51

57 accrding t the percentage distributin alltted t each seller n the Seller, Officers & Signatures screen. NOTE: This is the grss prceeds that is t be included n the 1099-S Frm. Buyer's Part f Real Estate Tax: The default fr this field is the amunt f the buyer/brrwer's taxes t be reimbursed t this seller. If there is mre than ne seller, the ttal amunt t be reimbursed will be divided amng them accrding t the percentage distributin alltted t each seller n the Seller, Officers & Signatures screen. Prperty Services Received: Select this check bx if this seller received r will receive prperty (ther than cnsideratin treated as cash in cmputing grss prceeds) r services as part f the cnsideratin fr the prperty transferred S Given t Seller: Select this check bx if this seller has been prvided with a 1099-S at clsing S Signed: Select this check bx if this seller s signature has been btained at clsing t acknwledge receipt f a 1099-S. Exempt frm 1099 Reprting: Select this check bx if the 1099 status f this seller is Exempt. NOTE: When exprted t Pr1099, the recrd fr an Exempt seller will autmatically have its Exempt status check bx selected. IRS 1099-S Data 1099-S Descriptin: The default fr this field is the prperty address entered n the Prperty, Legal Descriptin screen f the General tab. If the prperty address is nt sufficient infrmatin fr yur purpses, enter a brief legal descriptin. IRS regulatins d nt allw entries in this field t exceed 39 characters. NOTE: If yu exprt the data in this file t PrTrust, the infrmatin in this field will appear in the Ledger Cmment field. SALES PRICE DEPOSIT/EARNEST MONEY Several changes have been made here: Cntract Sales Price: This amunt is always sent t K.01 n CDF Page Purchase Mney/Seller Financing: this amunt is always sent t Sectin L n CDF Page 3; the CDF Line Drpdwn maybe used t select an available line. 3. A line drp-dwn has been added next t the Purchase Mney/Seller Financing field, which allws the user t specify which prtin f CDF Page 3, Sectin L they wish t send the amunt t. The buttn pens the detail dialg t view the charge. 4. Depsit/Earnest Mney: This amunt is always sent t L.01 n Page 3, althugh sme charge details may be edited by using the ellipses buttn. 52

58 A read-nly line drp-dwn has been added next t the Depsit/Earnest Mney field, which displays the prtin f CDF Page 3, Sectin L that the charge is being sent t. The buttn pens the charge detail dialg t view the charge and edit sme details. 5. The Mre buttn will cntinue t pull up the Increased/Additinal Depsits dialg, where Line drp-dwns and buttns have been added t accmmdate sending charges t available lines in Sectin L: 6. The Amunt Returned t Buyer is deducted frm the ttal sent t CDF Page 2, L.01 and nted in the RE field: 7. A new Excess Depsit field has als been added. DELIVERY & TRACKING This screen and crrespnding ReadyDc prvide an audit trail f preparatin, apprval, delivery, and receiving activities f the Clsing Disclsure frm. A new ReadyDc may als be used t generate a print versin f the data recrded here. This screen is accessed frm the truck buttn in the tlbar at the tp f the applicatin, r thrugh the CDF tab. This new screen pulls up and displays infrmatin fr the CDF currently being prepared. Status: use this drpdwn t set the status f the selected CDF. Optins include Amended, Amended Estimated, Amended Final, Estimated, and Final. Lan Estimate Delivered: specify when the lan estimate was delivered. Waiting perid waiver received fr: chse CDF and/r Right f rescissin if yu the rder can be exempted frm the waiting perid; the CDF waiver shuld rarely be used. Dates Grid: Use this grid t specify dates fr key events in the life f the CDF. CDF Deliveries: Use these grids and drpdwns t recrd the details f CDF deliveries t/fr m varius parties invlved in a transactin: Delivery & Tracking Grid: Use the buttns here t add and delete CDF deliveries. After adding a rw r multiple rws, yu may select the rw and then edit the delivery details by using the ptins belw. 53

59 Fur drpdwn lists allw fr the user t indicate Type: ptins include brrwer r seller. Prepared On: select a date that the CDF was prepared Prepared by/respnsible fr delivery: use these drp-dwns t select the apprpriate cntacts. Apprval Grid: Use the buttns t add apprvals t this grid and specify hw and when the CDF was apprved prir t delivery. Verbal, written, apprvals may be specified here. Delivery Grid: Use the buttns t add deliveries t this grid t specify hw and when the CDF was delivered. Delivery methds include: Express delivery, US mail, Certified mail, , In persn. Evidence f Delivery ptins include: Express delivery tracking slip, Certified mail receipt, cnfirmatin, In persn signature, Waiting perid expired RECORDING & TRANSFER FEE FORMULAS This windw is nt new t PrFrm, but has been mdified fr use with the CDF t calculate deed, mrtgage, release, and ther dcument fees and tax/stamps. The table has ten clumns f infrmatin; each frmula is entered n a separate rw: 54

60 The first tw clumns describe the Sectin: Recrding, City/Cunty Tax Stamps, State Tax Stamps, and Other Tax Stamps 1 & 2. Dcument type: Deed, Mrtgage, Release, and Other. The Per clumn explains the unit f measurement that the frmula is based upn (i.e.-dcument cst per page). The remaining clumns cntain the frmula. Frmula Input: Mst recrding fee frmulas cntain a rate schedule based n the number f pages. Per: unit f measurement that the frmula is based upn (i.e.-dcument cst per page, etc.). First: number f pages t which the first rate applies in the First clumn. $-Cst clumn: ttal cst fr the first pages. Next: number f pages t which the next rate applies. At: cst per page which applies t the next. Next/At: a secnd set f Next and At clumns are included fr anther rate level, if applicable. RemainAt: cst per page fr any pages ver the number cvered by the frmula. Basis: The transfer charges fr these sectins are calculated using the figure specified in the Basis field. Fr deeds, the Basis field defaults t cde S (sales price). Fr mrtgages, the Basis field defaults t L (lan amunt). Enter a cde int the Basis field which represents the figure n which yu want t base the calculatin f the tax/stamps. Or, select a cd e frm the Basis drp-dwn list. Lan: Select the lan t which the frmula shuld apply. Rund: Use this field t either rund up r chp the basis amunt used in the calculatin f the tax/stamp amunt. Select U fr rund up r C fr chp. Default Payee: Enter the name f the payee fr this item. An entry such as {{cunty}} Cunty Recrder s Office may be apprpriate fr this field. This will pull in the cunty name fllwed by Cunty Recrder's Office. 55

61 CDF Optins The Optins screen has been updated t accmmdate CDF rders. The new and updated ptins are: CALCULATION OPTIONS Use ptinal Clsing Disclsure frms fr transactins nt invlving seller: Select this ptin t use the ptinal CDF Page 3 screen which shws Sectin K. Payffs and Payments grid and the ptinal Calculating Cash t Clse table. This ptin is typically used with refinance transactins. Srt CDF page 2 lines descriptins alphabetically: Uncheck this ptin t disable the autmatic srting f CDF Page 2 lines. Print POC cdes: Defaults checked. Causes the POC (paid utside f clsing) cdes t print n the CDF; wrks the same as a HUD-1 rder. Use Buyer/Seller Split Feature: Fr calculated r sent ver amunts n a CDF Page 2 charge, the Use buyer/seller split feature will frce a balance nly between Brrwer-Paid At Clsing with Seller-Paid At Clsing, and Brrwer-Paid Befre Clsing with Seller-Paid Befre Clsing. It will nt frce balance Paid at Clsing with Paid Befre Clsing r Paid by Others. TITLE CDF SECTION DEFAULTS This set f drp-dwn lists prvides the user with a central lcatin frm which they may set CDF line defaults fr title fees. These can be adjusted easily and will affect all fees withut needing t g t each fee individually. Nte: It is strngly recmmended that CDF line defaults be set with these ptins. Owner s plicy: Owner s plicies & wner s plicy endrsements reference this ptin t determine which sectin t default their CDF Line t. If this ptin is changed, calculated CDF Line drpdwns will default t the next available line in the newly selected sectin, but user-entered CDF Line drpdwns will remain the same, whether r nt they were manually selected r ppulated frm a lkup table. Optins: Sectin B - Services Brrwer Did Nt Shp Fr, Sectin C - Services Brrwer Did Shp Fr, and Sectin H - Other Csts. All ther title fees: Lan Plicies, Lan Plicy Endrsements, Other Plicy, Cmmitment Endrsements, and Additinal Title Charges reference this ptin t determine which sectin t default their CDF Line t. If this ptin is changed, calculated CDF Line drpdwns will default t the next available line in the newly selected sectin, but user-entered CDF Line drpdwns will remain the same, whether r nt they were manually selected r ppulated frm a lkup table. Optins: Sectin B - Services Brrwer Did Nt Shp Fr, Sectin C - Services Brrwer Did Shp Fr, and Sectin H - Other Csts. 56

62 Grup endrsements: It is strngly recmmended that users cntrl selecting the CDF line via these ptins. If endrsements need t be gruped differently than the three ptins here, the user must d this manually by selecting the same line in the CDF Line drpdwns fr endrsement that need t be gruped tgether; this will grup them n CDF Page 2. Nne: Chse this default ptin if yu want each endrsement t be itemized. The CDF Line fr each Endrsement will default t the next available line in the same sectin as the parent plicy. When selected: Lan Plicy Endrsements: Will be sent t the same CDF that the parent plicy is being sent t. If the parent plicy is nt being sent t the CDF, then the sectin selected will be the ne selected in the All ther title fees drpdwn, and The CDF selected will be the ne assciated t the Lan tied t the parent plicy. Owners Plicy Endrsements: Will be sent t the same CDF that the parent plicy is being sent t. If the parent plicy is nt being sent t the CDF, then the sectin selected will be the ne sel ected in the Owner s plicies drpdwn, and The CDF selected will be the first CDF. Cmmitment Endrsements: will be sent t the sectin selected in the All ther title fees drpdwn, and t the first CDF. Same Line As Parent Plicy: Chse this default ptin if yu want endrsements t be gruped n the same CDF line as its parent plicy. When selected, Lan & Owner s Plicy Endrsements default the CDF Line t the same line selected n the parent plicy. Cmmitment Endrsements default the CDF Line t the next available line in the All ther title fees sectin n the first CDF. Endrsements n the same cmmitment will be sent t the same line. Endrsements will nt default a CDF Line until the parent plicy has a CDF Line. Separate Line Frm Parent Plicy: Chse this default ptin if yu want endrsements assciated t the same plicy type t be gruped tgether in the same CDF sectin as the plicy. When selected, All Endrsements belnging t the same title prduct will be gruped n the next available line in the apprpriate sectin. Fr example, all endrsements fr the first Lan Plicy will be gruped tgether n the same CDF line in the same sectin that cntains the first Lan Plicy. The CDF and the sectin will be determined fr each prduct (Lan Plicy, Owner s Plicy, and Cmmitment) fllwing the rules described in the Nne sectin abve. Endrsements Optins fr Gruping n the CDF: Gruping Endrsements with the Optins screen: The fllwing example demnstrates hw the Same Line as Parent Plicy ptin wrks; see ptins details abve fr a descriptin f the ther tw ptins. An rder is created & the Same Line As Parent Plicy endrsement gruping ptin is set n the Optins screen: A Simultaneus Issue plicy is added. The Owner s Plicy premium is sent t H.01 (CDF Page 2) by default, as Sectin H Other Csts is the selectin in the Owner s plicy drpdwn. The Lan Plicy premium is sent t C.01 (CDF Page 2) by default, as Sectin C - Services Brrwer Did Shp Fr is the selectin in the All ther title fees drpdwn. 57

63 Tw Endrsements are added t the Owner s Plicy. They are autmatically being sent t H.01, gruped with the Parent Owner s plicy. Tw Endrsements were added t the Lan Plicy. They are autmatically being sent t C.01, gruped with the Parent Lan plicy. The Title Plicy Fees and Endrsements are gruped tgether n CDF Page 1 in Sectins C & H. Nte: An itemizatin can be seen n the CDF attachment page Adjusting endrsements gruping is simple, and can be dne at any time frm the ptins screen. DEFAULT TO NAME Default t name: Sets the default payee and name n the CDF fr all title charges. Optins include: Agent (default), Underwriter, r Title C. The default payee is the cntact assigned t receive funds in excess frm the splits dialgs. Splits & Gruped Disbursements Example: The fllwing example demnstrates hw the splits and disbursements relate t the Default t ptin: By default, the Default t name is set t Agent: A Lan/Mtg Plicy and Owner s plicy have been added t a Simultaneus Issue plicy: The Lan/Mtg Plicy details are accessible via the mre buttn: 58

64 The cntact selected in the T: drpdwn (i.e. Underwriter) will receive the split specified by the multiplier percentage in the Mult% field. Here, that is the Underwriter, and the amunt is $ The name specified in the Default t name gets the excess amunt. In this example, that amunt is $720.00, and it is sent t A. The Owner s Plicy details are accessible via the mre buttn: The cntact selected in the T: drpdwn (i.e. Underwriter) will receive the split specified by the multiplier percentage in the Mult% field. Here, that is the Underwriter, and the amunt is $ The name specified in the Default t name gets the excess amunt. In this example, that amunt is $270.00, and it is sent t A. The Grup Disbursements screen shws the ttal f the split amunts between A and U: t A t U The CDF lines n Page 2 shw the ttal amunts f the title fees t A, the Default t name: These amunts are the ttals f the premiums and nt the breakdwn: If the CDF Optin is changed t Title C.: 59

65 Then the Grup Disbursement screen will shw the excess amunt ging t T instead f A: And the DS cdes update n CDF Page 2 t shw as T instead f A: DOCUMENT OPTIONS Disbursement Summary: Use this ptin t include apprval signature lines. Print additinal disbursements frm brker s cmmissin: Checking this will print details f cmmissin disbursements t a 3rd party n the CDF Addendum page; a new ReadyDc has als been added which may be used if this ptin is nt checked. If this check bx is NOT checked, then the details will print n the CDF exhibit. There is n lnger an ptin t specify particular lines. Title Insurance The new regulatins require title insurance premiums t be disclsed in a specific way n the CDF fr simultaneus issues. The lan plicy premium amunt disclsed n the Clsing Disclsure frm must reflect what the premium wuld be if it were nt a simultaneus issue. The wner s plicy premium must reflect the difference between that lan plicy premium and the ttal cst f the tw plicies under a simultaneus issue. This calculatin currently exists in GFE HUD files using the checkbx Shw full premium n 1104 fr Simultaneus Issue and in HUD files using the checkbx Shw full premium n 1109 fr Simultaneus Issue. The ability t d the calculatin was added t the CDF file using the checkbx Shw full lan premium n CDF. CDF LINE DROPDOWNS ON THE TITLE SCREENS There are several ways t ppulate the CDF lines n the title screens. Since lines srt alphabetically within a given sectin n the CDF, we have added CDF sectin defaults t the CDF Optins screen. See the CDF Optins screen fr mre 60

66 details. Althugh it is pssible t grup lines when cnfiguring a template r lkup table, setting CDF sec tin defaults is the recmmended way fr setting the CDF lines n the title screens. TITLE CHARGE DESCRIPTION FIELDS All line drp-dwns fr title charges nw include a descriptin field. CDF regulatins als require that all title charge descriptins are prefaced by the text Title add this prefix t the descriptin by default: PREMIUM CALCULATIONS Plicy Premium, Dates, & Numbers: A Simultaneus Issue sectin is available with a Simultaneus Issue plicy type and appears underneath New Plicy Type in Plicy Infrmatin: Shw Bth Plicy Numbers n Bth Plicies has been mved frm the Owner s Plicy area. Shw full lan premium n CDF is the new name in the CDF file fr the HUD-1 ptin Shw full premium n 1104/1109. This ptin defaults t being checked. When checked: The new premium amunt fields will be activated: Simultaneus Issue - Full Premium and Simultaneus Issue - Net Premium. After being calculated with the new methd, they will be sent t the CDF line instead f the traditinal final premium amunts. Nte: it is strngly recmmended that setting the CDF line fr title fees be managed via the new drpdwn lists n the Optins screen underneath the Title CDF sectin defaults. Shw full lan premium n Settlement Statement and Shw full Premium n Invice default t being unchecked. Shw full premium n Settlement Statement: This checkbx is activated when Shw full premium n CDF is checked. When unchecked, the traditinal premium calculatins w ill appear n the Settlement Statements; when checked, the new premium amunts will appear n the Settlement Statements. Shw full premium n invice: This checkbx is activated when Shw full premium n CDF is checked. When unchecked, the traditinal premium calculatins will appear n the invice ; when checked, the new premium amunts will appear n the invice. 61

67 Owner s Plicy: The Net wner s premium is nw shwn n screen as Simultaneus Issue Net Premium. This new field is nly active n a Simultaneus Issue plicy and nly when Shw full premium n CDF is checked. The CDF Line drpdwn & Descriptin, which shw in the dialg when the Mre buttn is clicked, always appear in a CDF file. A new wner s premium titled SI net wner s premium has been added. The new SI net wner s premium is calculated using the new methd: Premium (Owner s) (traditinal wner s premium) + Premium (Lan/Mtg) (traditinal final lan premium amunt) - Full Lan Premium Simultaneus Issue Net Owner s Premium Lan Plicy Premium: The Simultaneus Issue - Full Premium is nw shwn n screen as Simultaneus Issue Full Premium. This new field is nly active n a Simultaneus Issue plicy and nly when Shw full premium n CDF is checked. The CDF Line drpdwn & Descriptin, which shw in the dialg when the Mre buttn is clicked, always appear in a CDF file. The Full Premium figures int the new SI net wner s premium calculatin as fllws: Premium (Owner s) (traditinal wner s premium) + Premium (Lan/Mtg) (traditinal final lan premium amunt) - Full Lan Premium Simultaneus Issue Net Owner s Premium 62

68 AGENT/UNDERWRITER SPLITS Agent and Underwriter splits are nt shwn n the CDF like they were shwn n the HUD-1. These splits wrk the same as they have n the HUD-1 if the resulting charge is paid t an Agent r Underwriter. The Agent & Underwriter grup ed disbursement ttal takes int accunt splits. The fllwing example shws hw an additinal title charge may be added, split, and disbursed t an Underwriter r Agent. An Additinal Title Charge created: The charge is divided in half (50% multiplier) between the Underwriter and the cntact in the Default t name ptin, which is Agent by default) and sent t C.01: The DS cde is changed n the Charge Detail Dialg t L (Lender): The resulting disbursements will include $50 t the Agent and $50 t the Underwriter. LOAN, OWNER S, & OTHER POLICY INFORMATION These three dialgs wrk the same as they have with HUD-1 rders. The main difference with the CDF is that they nw have the CDF Line drp-dwn and descriptin ptins. Additinally, the Shw full premium n 1104/1109 fr Simultaneus Issue checkbx has been remved. This screensht f the Lan/Mtg Plicy Infrmatin dialg shws these changes: 63

69 ENDORSEMENTS & ADDITIONAL TITLE CHARGES Endrsements and Additinal Title Charges dialgs wrk the same as they have with HUD -1 rders. The main difference with the CDF is that they nw have the Line drp-dwn ptin and descriptin fields. T see hw the default behavir is set, see the CDF Optins sectin. This example shws an endrsement with these new items, but this is hw an additinal title charge wuld appear: PRELIMINARY TITLE SEARCH This screen wrks the same as it has with HUD-1 rders. The main difference with the CDF is that it nw has a CDF Line drp-dwn and descriptin field. Nte: the field which displays Title will append whatever the user enters in the Type f Search field abve: ADDITIONAL FEE An Additinal Fee ptin has been added t the lan and wner s plicies. It may be used fr items like Guaranty fees, State surcharges, etc. The CDF Line drp-dwn defaults frm the CDF Optins screen. 64

70 The DS line defaults using the Default t name ptin n the CDF Optins screen. Hwever, the DS cde may be manually set if necessary. Once an Additinal Fee is input, the descriptin will ppulate & include the default Title prefix; it may be manually edited if necessary: DATA OVERLAY RULES All data will verlay between the same file/verlay types; verlaying between different file types will transfer nn-cdf, nn-gfe, user-entered data. A few examples: Same file type: GFE GFE: All data will be verlaid. CDF CDF: All data will be verlaid. Differing file types: GFE CDF: HUD-specific and CDF-Specific data will be IGNORED; it will nt verlay. All user-entered data n nn-hud/nn-cdf tabs will verlay. 65

71 Cnfiguratin Changes The Clsing Disclsure Frm (CDF) requirements have affected sme f the areas where the applicatin is cnfigured. Preferences MISCELLANEOUS This sectin is fund in PrFrm under Tls > Preferences > Miscellaneus: A directry path has been added fr the Default CDF Template A new CDF ptin has been added t this dialg; it is highly advised that users change this setting t CDF n Aug 1, Lkup Tables Lkup tables cntinue t be available via F9 and may be created fr charges; n default CDF lkup tables are included with the applicatin by default. Exprt Type: A new exprt ptin has been added t the Imprt/Exprt Utility: Lines: Lkup tables are nt available fr lines. Charges: Lkup tables are available (via F9) and may be created fr charges. If a lkup entry is created n a charge, it will be available fr all charges. When creating the lkup any charge-related fields may be used (I.e. Reference, TName, Address1, Address2, etc.) A fieldname shuld be added withut the charge number. (I.e. - The charge Descriptin field wuld be ChargeDescriptin and nt Charge001Descriptin.) In this example, a lkup table is being created n the ChargeDescriptin field: The lkup table is including the field fr ChargeDescriptin: 66

72 The ptin t edit this lk-up Table allws fr mdifying CDF charge entries PrFrm The Plicy Premium, Dates, and Numbers, Endrsements, and Additinal Title Charges screens were added t the screens listed under the CDF tab. These 3 screens were added fr ease f data entry, as well as t accmmdate users that d nt have the title insurance tab. These screens nw prvide the user with a way t manually enter amunts and Agent/Underwriter splits: 67