HUD Page 2 Tab

The HUD Page 2 tab provides the loan file’s HUD fee lines 700 – 1305. It is divided into seven sections and seven column headers total. The columns are comprised of the Fee Name, Amount, PFC, Sec32, Paid By, Paid To, and Seller Responsible with the exception of the 700 Total Real Estate Broker Fees section of the HUD.

Tip: For additional information on the specific fee line sections, refer to the LOS Help > GFE/IFW.

The Compare with disclosed GFE link at the top left side of the screen allows users to view a full comparison of the figures from the most recently disclosed GFE and the HUD Page 2. This link is divided into two sections: Loan Information and Comparison of Good Faith Estimate (GFE) and HUD-1 Charges. The Loan Information section will display the Loan Number and Borrower Name from the loan file.

The Comparison of Good Faith Estimate (GFE) and HUD-1 Charges is divided into 3 sub-sections: Charges That Cannot Increase, Charges That in Total Cannot Increase More Than 10%, and Charges That Can Change. Charges That Cannot Increase will display the specific charges that cannot increase alongside the HUD-1 Line Number, GFE dollar amount, and the HUD-1 dollar amount.

Tip: If there are any discrepancies, the HUD-1 amounts will be highlighted in red.

The sub-section titled Charges That in Total Cannot Increase More Than 10% will display the specific charges that cannot increase more than 10% alongside those charges the HUD-1 Line Number, GFE dollar amount, and the HUD-1 dollar amount. The final two rows of the sub-section will display the Totals for the figures from the GFE and HUD-1 columns as well as the Increase amount and percentage between the GFE and HUD-1 charges.

Tip: If there are any discrepancies, the Increase amount and percentage between the GFE and HUD-1 charges will be highlighted in red.

The sub-section titled Charges That Can Change the specific charges that can increase alongside the HUD-1 Line Number, GFE dollar amount, and the HUD-1 dollar amount. To exit the Compare with disclosed GFE link, click the X as it has opened in a separate window and will not exit users from MortgagebotLOS.

Show All Applicable Paid By Split Fees link is available for users to click to display any fee lines that are selected as Paid By: Multiple to show the fees split out. If selected, the link will then change and display as Hide All Applicable Paid By Split Fees to hide which will hide the split fees and replace them into one fee amount, totaling all fees entered into the split amounts. If selected and no fees have been set to be paid by Multiple, then a message box will display stating: There are no split fees since none of fees is paid by Multiple, then click ok.

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 is a system generated fee name, users will not be able to edit them. Access to manually enter in fee names on the open text boxes is based on its setup by system administrators.

Amount: The Amount will automatically fill in once a fee percentage and/or fee amount has been entered in. Fee amount can be predefined by system administrators and based on the setup a user may or may not edit those fee amounts.

PFC: The PFC (Pre Finance Charges) column can be predefined by system administrators and based on the setup a user may also indicate if the fee line entered is a PFC and will affect the APR or not. If the user has the ability to indicate the fee line as PFC, there will be a drop-down list with options of “Yes” or “No.” If the user cannot make edits to the PFC, it will be indicated as “Yes” or “No” with no drop-down list available.

Sec32: The SEC32 (Section 32) column can be predefined by system administrators and based on the setup a user may also indicate if the fee line entered is a Sec32 and will affect High Cost calculations or not. If the user has the ability to indicate the fee line as PFC, there will be a drop-down list with options of “Yes” or “No.” If the user cannot make edits to the PFC, it will be indicated as “Yes” or “No” with no drop-down list available.

Paid By: The Paid By column can be predefined by system administrators and based on the setup a user may also be able to select the Paid By option. If the user has the ability to indicate who the fee is being paid by, it is done simply by selecting one of the options in the drop-down list. The available options for Paid By in the drop-down list are: Borrower, Seller, Broker, Lender, POC, and Multiple. If Multiple is selected, then five open text boxes (Borrower, Seller, Broker, Lender and POC) will open for the user to enter in dollar amounts. If the user cannot make edits from the Paid By drop-down list, the option will be preselected by the system administrator and the field will be greyed out.

Paid To: The Paid To column can be predefined by system administrators and based on the setup a user may also be able to select the Paid By option. If the user has the ability to select who the fee is being paid to, it is done by simply by selecting one of the options in the drop-down list. The available options for Paid To in the drop-down list are: Broker, Lender, Title, Escrow, Other and Appraisal (If applicable.) If the user cannot make edits from the Paid By drop-down list, the option will be preselected by the system administrator and the field will be greyed out.

Seller Responsible: The Seller Responsible column cannot be predefined by system administrators and can only be manually completed. If the fee line is a seller responsible fee then user will select Seller from the Paid By drop-down list and select Yes from the Seller Responsible drop-down list. If the fee line is not a seller responsible fee then user will ensure that the Paid By drop-down list is not set to Seller and select No from the Seller Responsible drop-down list.

If any fees are indicated as Seller Responsible, the fee amount will be removed from the Closing Costs paid by Borrower calculated amount and incorporated into the Closing Costs paid by Seller calculated amount at the bottom, right side of the screen.

Tip: The most recently disclosed GFE fees will automatically populate in the corresponding fee lines on the HUD Page 2.

Aggregate Adjustment Calculator

The Aggregate Adjustment Calculator allows users to determine how much must be deposited in escrow by the borrower. In order for the calculator to compute the totals, users will need to know the bills are due for each category being entered in.

To access the Aggregate Adjustment Calculator, go to the 1000 section of the HUD Page 2 Tab, scroll to the last row of the 1000 Reserves section and an Aggregate Adjustment button can clicked. Once the Aggregate Adjustment button is clicked, the Initial Escrow Account Setup window will populate.

The Settlement Date and First Payment Date fields will automatically populate based on information previously entered on the Closing Docs > Loan tab and will be disabled.

The Cushion field will automatically populate based on the setup in the System Admin site. The Cushion will be defaulted wither 0, 1, or 2 months however the field is enabled and allows users to make any applicable edits.

The Exclude MI check box will automatically populate a mark within the check box if the same Exclude MI check box is marked on the Forms & Docs > MI Screen. The Exclude MI check box is a disabled field and cannot be edited from the Aggregate Adjustment Calculator.

A message available to users is displayed on the screen and states:

Please enter all disbursement information below. The payment date should be the date the first payment is due based on the payment schedule. If a value other than "Annually" is selected the other payment dates will be calculated based on payment date and payment schedule. (If payment schedule is semi-annually with annual payment of 1200, and a date of 01/01/2005 is entered, the break down will display 600 due on 1/1/2005 and 600 due on 7/1/2005.)

The Disbursement Information section is divided into seven columns: Delete Record, Disbursement Type, Payment Schedule, Annual Payment Amount, Payment Date(s), # of Months, and Monthly Amount.

The Delete Record column allows users to mark a check box to indicate that the information within that row is to be deleted. Once the user marks the check box, the data previously entered for that line will immediately be removed.

The Disbursement Type column identifies the type of escrow being calculated (Hazard Insurance, Mortgage Insurance, City Taxes, and so on.)

The Payment Schedule column allows users to select from a drop-down list providing the following options: Annually, Semi-Annually, Quarterly, and Monthly. The Payment Schedule selected indicates the amount of payments being disbursed.

The Annual Payment Amount column allows users to enter the total annual payment amount due for the escrow.

The Payments Dates column allows users to enter in the date the escrow payments are to be disbursed. Based on the Payment Schedule being selected, the Payment Date fields will change to correspond with the amount of disbursements going out.

If the Payment Schedule is annually, then the Payment Date column will populate one date field for the disbursement date. If the Payment Schedule is semi-annually, then the Payment Date column will populate two date fields for the disbursement dates. If the Payment Schedule is Quarterly, then the Payment Date column will populate four date fields for the disbursement dates. If the Payment Schedule is monthly, then the Payment Date column will populate one date field for the disbursement date.

The #of Months column will automatically populate based on the Payment Schedule, Annual Payment Amount and the Payment Dates to provide the number of months being escrowed plus the cushion amount. This column can be edited by users if applicable and by click the marked check box next to the field, the system will automatically populate the original number of months calculated.

The Monthly Amount column will automatically populate based on the Payment Schedule, Annual Payment Amount and the Payment Dates to provide the monthly payment for the escrow. This column is disabled and cannot be edited by users.

Once all of the disbursement information has been entered, users will click the Calculate button at the bottom right side of screen. Once the Calculate button is clicked, the Aggregate Adjustment amount in the Aggregate Adjustment field will automatically calculate.

Tip: The Aggregate Adjustment amount must be zero or less.

The Total Estimated Disbursements will automatically populate based on each of the calculated monthly payments * twelve months for each disbursement type. This field is disabled and cannot be edited.

The Monthly Escrow Payment will automatically populate based on each of the calculated monthly amounts within the Monthly Amount column.

The Cushion field will automatically calculate, based on the cushion months in the Cushion field and the sum of the monthly disbursements.

Save/Close will save all of the data that a user added, edited and/or removed from the Initial Escrow Account Setup window and close the window. Cancel will cancel all of the data that a user added, edited and/or removed from the Initial Escrow Account Setup window and close the window. Clear will clear out all of the data entered on the Initial Escrow Account Setup window.

The Aggregate Escrow link, if clicked, allows users to view an Aggregate Escrow Trial Balance and opens in a separate window. The Aggregate Escrow Trial Balance will automatically populate all monthly payment amounts for each disbursement type, First Payment Date, Escrow Payment, Exclude MI from Cushion and Initial Payment. The Aggregate Escrow Trial Balance will also display a summary of up to one year from the first payment month, the escrow payments coming in and the escrow payments being disbursed with the remaining escrow balance.