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Settlement Statements Module

14.16 GFE Tolerance My lender wants a specific line to show under a specific tolerance box, how can I do that?

  1. Highlight the specific line on the GFE HUD
  2. Change the field labeled GFE tolerance located at the bottom (left) of the window

    NOTE: If the tolerance you need is not listed then it cannot be accomplished for this line.

14.17 How do I reflect a charge for the seller on a specific line in the GFE HUD?

  1. Highlight the specific line on the GFE HUD
  2. Change the field labeled GFE tolerance located at the bottom (left) of the window
  3. Toggle between the options listed in the dropdown to determine which setting allows you to show the charge on the sellers’ side. As you toggle through the options you will either see the charge carry over to the sellers’ side (from the buyers) or a line on the sellers' side will become available for you to enter the charge amount

14.18 How do I show the broker holding commission from a deposit on a HUD or GFE HUD?

  1. The Closing File must show that the broker is holding the deposit on the Deposit tab.
  2. Enter the commissions as normal in the 700 section.
  3. On the commission line for the broker holding the deposit (701 or 702), enter the amount they are withholding from the deposit in the 'Amount Withheld' field.

    NOTE: You cannot withhold more than the Commission amount or Deposit amount. In the 'Deposit Held By' field, select the Deposit you wish to withhold the amount from.
  4. This will reduce the deposit on the Balance Sheet and reduce the amount of the broker’s commission check by the withheld amount.

14.19 How do I show the broker is contributing part of their commission to the Buyer's or Seller's expenses on a HUD or GFE HUD?

  1. If using a HUD or GFE HUD, use a line in the 700 or 1300’s section. If using a CD, use a line in Section H.
  2. Enter the amount of the contribution on the appropriate side (buyer’s or seller’s) as a negative amount in field labeled Paid From Funds, (the Payee should reflect the Buyer/Seller or it should be left blank. In this case, the Broker is giving the credit therefore they are the Payor not the Payee.). This will reduce the amount the buyer or seller funds.
  3. On the balance sheet, combine the negative amount with the broker’s commission check to reduce the amount of their check

14.20 How do I show the seller paying a portion of the Lender's policy to make up for the TRID Variance amount (difference between TRID and FL Promulgated title insurance rates) on Page 2 of the CD?

  • On Page 2 of the CD, access the "Title Premium Allocation" calculator on the secondary toolbar.
  • On the Loan Policy tab, change the Payor field to "Split B/S" for a split between the borrower and seller. DoubleTime will default a 50/50 split.
  • Change the Seller amount to the Variance Amount that is shown on the TRID Variance tab of the calculator.
  • Set the Trans. Type* below the Seller Amount field to "TRID Variance Adjustment" and click OK to close the calculator. The Lender's policy amount will now be split between the Borrower and Seller Paid at Closing fields and a blue line detail indicator will display for the row. 
  • *Setting the Transaction type will allow you to run the ALTA Settlement Statement reports with Florida Promulgated rates.

14.21 The lender has asked me to show the lender’s title insurance endorsements on a separate line. How do I do this?

Once you have generated your Closing Disclosure, go to the “CD Options” tab. Change the radial button from “No” to “Yes” next to “Show Title Insurance charges for Policies & Endorsements on two lines”. When you return to the “Pg. 2 – Closing Cost Details” tab, the endorsements and premium should be displayed on separate lines.

If you would prefer to make this your default setting, choose “User Settings” under the “Preferences” menu. On the “Settlement Statement” tab change the radial button from “No” to “Yes” next to “Show Title Insurance charges for Policies & Endorsements on two lines”. This will not retroactively change any already opened files. If you have a file already opened in which you would like to display the endorsements and premium separately, you can change that individual file using the instructions above.


14.22 The lender has asked me to show the transfer taxes on separate lines in Section E on Page 2. How do I do this?

First, once you have generated your Closing Disclosure, go to the “CD Options” tab. Change the radial button from “Yes” to “No” underneath “Show Total Transfer Taxes on single line (Section E)”. A pop-up box will appear advising you to return to the Recording Calculator. Click “OK”. Now, return to the “Pg. 2 – Closing Cost Details” tab. Click the Recording Calculator appearing on Line 01 in Section E. Taxes and Other Government Fees in the Other Costs area (it looks like a little green calculator). Verify that all the amounts and payors are correct on each tab in the Recording Calculator. Click “OK”. A pop-up box will appear advising you that lines need to be moved from another section to make room for the additional information. Click “Yes”.

You are now in the “Line Administrator” that allows you to move unused lines from one section to another. It is best to do this after all other information in completed so you do not move a line you will need later. If you have not completed the rest of the information yet, consider moving lines with larger line numbers first, e.g. “Section B: 10”. To show mortgage documentary stamps, deed documentary stamps, and mortgage intangible taxes separately, you will need to move two lines. Highlight your two selected lines from the “Select which blank line(s) to move:” menu. Confirm “Section E: Taxes and Other Government Fees” is selected in the “Select which section to move the blank line(s) to:” menu and click “Move To >>>”. Now click “OK”. The lines and fees should now appear.


14.23 What if my lender wants a prelim HUD on a TRID transaction?

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

dt-faq-01.jpg


14.24 How do I access the Broker Commission Calculator?

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

Broker Commission Fees

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14.25 How to a show a credit to the borrower from the seller for the TRID Variance amount on Page 3 of the CD?

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

14.26 How do I show a balloon payment in the Projected Payments table on Page 1 of the CD?

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

14.27 How do I change the Payor from Borrower to Seller for the Title Insurance charges on the CD?

  • On Page 2 of the CD, access the "Title Premium Allocation" calculator on the secondary toolbar.
  • On the Loan Policy or Owner Policy tab, you can change the Payor field to Borrower, Seller or Other. You may also choose to split the charge between the Borrower and Seller using the “Split B/S” option or you can split between three parties by selecting “Split”.
  • Click “OK” to close the calculator and have the changes reflected on the CD.

14.28 Where do I enter Loan proceeds from a 2nd (second) loan on the primary loan’s CD?

  • When working with multiple loans, it will be required to check the “Separate Statement” checkbox in the Closing File module, Loan tab for DoubleTime’s Balance Sheet to remain in balance. The 2nd loan’s settlement statement should be accessed first and all figures entered in. Take note of the amount on line 303 that is shown under the Totals Summary tab.
  • Select the Open button on the secondary toolbar and switch to the primary loan’s CD settlement statement.
  • On Page 3 Summaries of Transactions, select an available row in Section L and enter in an appropriate description and type the proceeds amount from the 2nd loan. Do not set a payor for this line. DoubleTime will automatically handle the 2nd loan payor on the Balance Sheet.
  • Check the Balance Sheet to verify you are in balance.

NOTE: If the proceeds amount is changed on the 2nd loan’s settlement statement, you will need to manually update the amount in Section L of the CD to remain in balance.

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