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| | | Forum Newbie
Group: Forum Members
Last Login: 5/30/2007 7:52:14 AM
Posts: 1, Visits: 4 |
| | Hi, This is my first post, and maybe this topic has been covered before. But is there a way within Point (I have 5.4) to track all associated costs for a specific file? Of course, the easy ones are appraisal and credit. But what if I want to also be able to easily see what other costs have been incurred while processing a file, such as Fed Ex or other delivery/courier, Verification Of Deposits that are charged to my phone bill, HOA Certs, etc. I realize that these will not auto-populate and that they would need to be manually entered. But I do want to see if there is an easy way to track these for each file so that we don't forget to include an incurred cost on a doc order. I took a quick stab at creating a custom screen, but it didn't really turn out like I wanted. I also thought of entering these into the Miscellaneous Screen in Tracking. Or, perhaps the easiest solution is to use the Trust Account screen. We do not collect any deposit or application fee up front, and we have all borrowers pay for appraisal and credit reports directly, so I do not have a trust account. But is this the best place to track these? I just created a couple test files, made a few entries into each and printed off the Trust Account Report. It doesn't really do exactly what I want as I am not really trying to reconcile, but I could probably make do. Unless there is a better way. Thank you. |
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Supreme Being
Group: Forum Members
Last Login: 9/12/2008 11:24:50 AM
Posts: 289, Visits: 242 |
| | You can do this through the track > Trust Account menu selection. You still have to remember to come back to this and include it in your doc order sheet but you could just print it out when you complete the doc order. This would actually be a good practice. Technically, you are supposed to give the borrower an updated GFE/TIL 72 hours prior to closing if anything has changed from the previous GFE/TIL. That would be a good time to pull out the Trust Account and do some final calculations. Some states require that the 800 section and broker compensation section of the final GFE be equal to or less than what shows on the HUD; otherwise, a refund may be due the borrower. I don't believe third-party fees are subject to that issue but from a customer satisfaction standpoint, it would be a good idea to keep the last disclosure as accurate as possible. My understanding is that even having a final HUD prior to closing doesn't satisfy this final disclosure requirement.
- Mike
mike@mtig.biz |
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