Close It HUD - DisplaySoft

Close It – Original HUD Title Page DisplaySoft™ 2018 Display Systems, Inc.

DisplaySoft

Close It®

Original HUD

™

Real Estate

Software User’s Guide

GET STARTED

Close It – Original HUD Page 1 DisplaySoft™ 2018 Display Systems, Inc.

Choose the transaction

type and closing

statement style, then

click CDF on the menu

2

1 3

3

Open a new file or a file in progress (File).

Inside Start (1), Terms (2), select the transaction

and closing statement style (3), click “HUD,” i.e.,

the “transaction” chosen for “Close It”.

Begin anywhere and return at any time. The

information from “Start” will populate the closing

statement and all other forms. Make changes in

Start to update the closing statement and all other

forms.

PREFERENCES

Click File, Preferences. You must first have a file

opened before accessing the preferences.

Use “Preferences” to set the buyer or seller as the

party paying for the owner policy title charge,

recording fees and transfer tax.

Set the title charge for owner policy to be paid by the

buyer otherwise do not put a check mark in “Owner’s

Policy charge – Default to Buyer” for the title

calculator to post the owner policy charge to the

seller amount column.

Begin with the “Default Settings” and select options

for the most frequent happenings. Use “Settings for

this file” and make the same choices under this

heading. In future, change “Settings for this file”

when the current real estate settlement case is

different from the most frequent happenings.


Close It

HUD

Data Entry


Click “HUD” from the top menu and then

click on a page or form from the side menu to

begin data entry.

Forms designed for “Edit” allow data entry,

which is collected and placed on other forms

that have no data entry.

For software purposes, “Close It” represents

the closing statement, i.e., CDF, GFE and

HUD styles.

EDIT

Forms designed as “View Only” collect their

information from the closing statement (CDF).

Simply click on a form to view its content.

VIEW

View only


HUD Pages 1 and 2

Click on a page to view and enter data


Click onto a data field to enter information.

Any information entered in “Start” will populate

the forms. Changes made here to do not flow

back to “Start” or other forms. A return to

“Start” to make global changes is

recommended.

Hover the mouse over the form to discover data

entry points and then click onto the box to type.

The box will turn green. A green box indicates

the cursor’s location. Press the Tab key to move

the cursor along or click onto light blue boxes to

type.

Data Entry

The information entered in “Start” populates the closing statement. Hover the mouse (blue), then click into the data field boxes (green).

Complete the blanks by clicking or by using the Tab key to move the cursor along.

Click directly onto boxes to make a check mark appear, i.e., “Type of Loan.” (this file is an example of cash, no loan)

Use the “expander” to reveal closed (collapsed) information, i.e., property state, county and city.

FROM START

Closed view

Open to view detailsEXPANDER

Expanders are located through-out the software.

Click an expander for more details about that piece of information.


Closed view

HUD Page 1 – Data From Start

Use the mouse to click on any feature available,

i.e., the calendar image that appears on dates.


Use the expander to open the proration line. Each proration line has an embedded calculator.

Click into the “Gross Amount” and key in the amount. When the Tab key is pressed, the dates will fill in and the calculation will complete

based on the closing date. Type, Tab and move along.

Click the space then type an amount.

Press the Tab key to complete.

Click the ^ to open and close

HUD Page 1 – Proration Calculator (paid and unpaid)

Click the “DEPOSIT” button to open the deposit information and enter the

deposit into “Broker-1,” “Other Escrow,” or “Seller Directly.” The deposit

appears as a credit on the buyer side of the settlement statement. A

portion of the deposit data entry is reserved and integrated with the

commission calculator on Page 2, Section H.

OTHER ESCROW

The “Other Escrow” is intended for use by the settlement agent to indicate

the amount is available at settlement from the closer’s escrow account.

SELLER DIRECTLY

The “Seller Directly” is not intended for use by the broker. The amount

entered here will indicate the deposit was given from the buyer to the

seller or from a third party to the seller prior to closing The deposit direct

to seller will appear on the seller side of the settlement statement as a

reduction to the seller at closing. The amount direct to seller will not

appear on the balance sheet as income.

BROKER:

A deposit to broker will appear as income on the balance sheet unless it is

retained by the broker or the balance of the deposit is moved to the

“Seller” position inside the “Commission Breakdown” calculator on HUD

Page 2.

HUD Page 1 – Deposit

Commission Breakdown


Payoff Mortgage

Using the payoff calculator is optional because the amounts may be

entered directly onto the closing statement. Each payoff mortgage line has

its own calculator. The payee name can be placed on the blank line

beneath the item description.

The payoff calculator assists by generating the total amount required

based on interest charge, late fees, past due amounts, other charges, and

then generating the total required. Click the “Apply” button to send the

total onto the closing statement.


HUD Page 2

Calculators and other functions are represented

by buttons embedded on the form. Each

button specializes in respect to its section.

The commission calculator assists in

computing the total and splitting commission,

while the Commission breakdown assists in

balancing the deposit against the fee to

compute HUD Line 703 amount due from

buyer/seller at closing.

The “Title Calculator” will post title charges to

the HUD Line 1108 and endorsements to Line

1110a.

The “Recording Calculator” opens for data

entry of recording fees. The state and county

transfer taxes compute based on the property

location, the purchase price and the loan

amount.


Closed view

Open to view detailsEXPANDER

Expanders are located through-out the software.

Click an expander for more details about that piece of

information.

Section

Utilities

Tools included:

Add more lines to the section

Sections that have special features

Closed view

Open to view details

LISTS store names and items

Tools

Expanders


HUD Page 2 regarding tools and check features

Add to the list symbol Select from list symbol

Once an item (or payee name) is on a list, they can

be selected in other closing disclosures case files.

HUD Page 2 regarding list storage


LIST

List symbols are located throughout the software. Click the symbol to activate the add, edit and list features.

LISTS

Add to the list symbol

Edit the item on the list symbol

Select from list symbol


HUD Page 2 - Commission Calculator

The commission calculator assists with generating the total

commission and the division between the brokers. The

commission calculator is optional. Amounts for the 700

section are available directly on the closing statement.

Flat Rate Commission

A “flat rate” commission is not based on a percentage of the

total. Simply type the total agreed upon commission into

the Line 700 total. Likewise, the split between realtors may

be based on an agreed upon amount rather than a percentage

or point. Key amounts directly into line 701 and 702 and

ignore the percentage and points that generate automatically.


BROKER:

A deposit to broker will appear as income on the balance

sheet unless it is retained by the broker or the balance of the

deposit is moved to the “Seller” position inside the

“Commission Breakdown” calculator on HUD Page 2.

The portion of the deposit retained is shown as items paid

outside closing (POC) on the settlement statement and

reduces the amount due at settlement.

Amounts retained appear on HUD Page 1 in the 500 Section

as seller reductions.

Commission Breakdown

Deposit on Page 1

The commission breakdown assists with processing or

transaction fees associated with broker charges and

distributes the deposit retained.

HUD Page 2 - Recording Calculator

Click the “Recording Calculator” button to open the feature. Certain states have conditions. Type in the “Amount” of recording fees. Use

“Preferences” to determine the buyer or seller amount column. The state and county transfer taxes generate automatically based on the

property location and the purchase price/loan amount.

Florida MarylandConnecticut


Use the expander to view the disbursement. Inside, use the check mark to “Combine with same payees” or deselect for separate checks.


Use the check mark for Netted to withhold an amount from the incoming net loan proceed from the lender, if any.

HUD Page 2 regarding checks (Balance Sheet)

Click the ^ to open and close

The “Memo” is not necessary

unless exporting to QuickBooks

ADD CHECK: a button that allows the check amount to be split among one or more payee names, i.e., title insurance premium and remittance.

LISTS

Add to the list symbol

Edit the item on the list symbol

Select from list symbol

HUD Page 2 regarding paid outside closing


To generate the paid outside closing feature, type

the letter “p” in the borrower amount column,

press the Tab key, and then a pop-up box will

appear. Type in the amount actually paid outside

closing, select the buyer, seller or fill in the third

option (lender) and then press OK. The (P.O.C

$) verbiage will populate the closing statement.

When the item paid outside closing is short of

the total required, enter the remaining amount

(under paid) due at closing into the buyer or

seller amount column. Enter a negative amount

using the minus key before the amount to give

money back for an item paid outside closing that

exceeds the required amount (over paid), i.e., A

negative -25.00 entry will become (25.00) when

the Tab key is pressed.

Print, PDF, Outlook Email


Click on:

1. File

2. Output

3. HUD module button to expand a list of forms

4. Select forms

5. Click the Print (2 in Q) button; Or click PDF;

or Outlook Email.

Click the expander to exit output and return to

data entry.

1

3 (module)

4

Do more than “print” under OutputExit

OUTPUT

Display Systems, Inc.100 S.W. 15th AvenueOkeechobee, FL 34974(863) 763-5555 ph(863) 467-0816 fax

[email protected]@displaysoft.com

www.displaysoft.com

For questions or assistance contact:

Close It – Original HUD Page 19 - End DisplaySoft™ 2018 Display Systems, Inc.

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Close It HUD - DisplaySoft