IMPORTANT! The following information is only applicable to loans submitted before October 3, 2015.
The HUD Page 1 allows users to enter all charges and credits to the borrower and seller in the transaction. The HUD Page 1 will display lines 100-603 of the HUD 1 Settlement Statement.
The HUD Page 1 Fee Line sections are split into seven sections and have up to six column headers total. The columns are comprised of Fee Name, Entry, Annual Amount, From Date, To Date, and Amount.
Fee Name: There are system generated Fee Names and fields designated to be either predefined in the Admin Site or manually entered by the user. If there are system generated fee names, the Fee Name will be disabled for no edits to be made. If there are Fee Names predefined in System Admin, then the system administrators will predetermine if users can make edits to them. Access to manually enter in fee names on the open text boxes is based on its setup by system administrators.
Entry: The Entry field is a drop-down list allowing users to select to Entry options: Calculated or Manual. If Calculated is selected, then the system automatically calculate (based on the From Date, To Date, and the Amount entered) the total amount due to the borrower or seller. If Manual is selected, the Annual Amount field for the fee line will be disabled, and users may manually enter the Amount due.
Annual Amount: The Annual Amount is the total amount paid for a fee for an entire calendar year.
From Date: The From Date is the date of the term the Fee Amount begin beings assessed.
To Date: The To Date is the date of the term the Fee Amount ends being assessed.
Amount: The Amount will either automatically populate or be manually entered in. If the fee line is system generated (Ex: Line 401,) then the Amount will automatically populate based on data previously entered within MortgagebotLOS and will be disabled for no edits to be made. The Fee amount can also be predefined by system administrators or manually entered.
100 Gross Amount Due from Borrower
The 100 section of the HUD Page 1 itemizes all of the charges due from the borrower. The 100 section calculates the buyer’s total costs, such as the purchase price, closing costs, items being prepaid by the seller such as prepaid taxes, assessments, and so on.
Line 101 (Contract sales price) will automatically populate based on the Sales Price entered on the Forms & Docs > Borrower Summary screen.
Line 103 (Settlement Charges to borrower) will automatically populate based on the Closing Costs paid by Borrower calculated on the Doc Packages > Closing Docs > HUD Page 2 tab.
200 Amounts Paid by Or in Behalf Of Borrower
The 200 section of the HUG Page 1 itemizes any credits for fees previously paid by the buyer or for the buyer by the seller or another party. The 200 section includes any Deposit or Earnest Money, Seller Closing Costs, taxes, assessments, and so on.
Line 201 (Deposit and earnest money) will automatically populate based on the Cash Deposit on Sales Contract entered on the Forms & Docs > 1003 > Transaction Details tab. Line 202 (Principal amount of new loan(s)) will automatically populate based on the Mortgage Amount entered on the Forms & Docs > 1003 > Terms tab.
300 Cash at Settlement from/to Borrower
The 300 section of the HUD Page 1 calculates the total cash amounts due from the borrower at settlement. The 300 section is comprised of three fee lines: Gross amount due from borrower, Less amounts paid by/for borrower, and Cash From/To Borrower.
Line 301 will automatically populate based on the total amount calculated on Line 120 on the Doc Packages > Closing Docs > HUD Page 1 tab.
Line 302 will automatically populate based on the Mortgage Amount entered on the Forms & Docs > 1003 > Terms tab and Line 303 will automatically calculate based on the figures in Line 301 and 302 (Line 301 (minus) Line 302.)
400 Adjustments For Items Paid By Seller in Advance
The 400 section of the HUD Page 1 calculates the total gross amount that will be due to the seller at settlement.
Line 401 (Contract sales price) will automatically populate based on the Sales Price entered on the Forms & Docs > Borrower Summary screen.
If the seller prepaid any items such as City/Town taxes, County taxes, and/or Assessments, then Lines 406-408 can be entered on the HUD Page 1.
500 Reductions in Amount Due to Seller
The 500 section of the HUD Page 1 calculates the total amount of items being paid off with the closing proceeds that will reduce the total amount due to the seller. Items being paid for the seller include any existing mortgages or loans, or any loans being assumed as well as any closing costs to be paid by the seller.
Line 502 (Settlement charges to seller) will automatically populate based on the Closing Costs paid by Seller calculated on the Doc Packages > Closing Docs > HUD Page 2 tab.
If the seller was using any of the sale proceeds to pay off any outstanding debt such as an existing first or second mortgage, then Lines 504-505 can be entered on the HUD Page 1.
600 Cash at Settlement to/from Seller
The 600 section of the HUD Page 1 calculates the total cash amounts due from and to the seller at settlement. The 600 section is comprised of three fee lines: Gross amount due to seller, Less reductions in amount due seller, and Cash From/To Seller.
Line 601 will automatically populate based on the total amount calculated on Line 401 on the Doc Packages > Closing Docs > HUD Page 1 tab.
Line 602 will automatically populate based on the total amount calculated in Line 520 on Doc Packages > Closing Docs > HUD Page 1 tab and
Line 603 will automatically calculate based on the figures in Line 601 and 602 (Line 601 (minus) Line 602.)