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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 – Original HUD Page 2 DisplaySoft™ 2018 Display Systems, Inc.
Close It
HUD
Data Entry
Close It – Original HUD Page 3 DisplaySoft™ 2018 Display Systems, Inc.
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
Close It – Original HUD Page 4 DisplaySoft™ 2018 Display Systems, Inc.
HUD Pages 1 and 2
Click on a page to view and enter data
Close It – Original HUD Page 5 DisplaySoft™ 2018 Display Systems, Inc.
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.
Close It – Original HUD Page 6 DisplaySoft™ 2018 Display Systems, Inc.
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.
Close It – Original HUD Page 7 DisplaySoft™ 2018 Display Systems, Inc.
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
Close It – Original HUD Page 8 DisplaySoft™ 2018 Display Systems, Inc.
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.
Close It – Original HUD Page 9 DisplaySoft™ 2018 Display Systems, Inc.
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.
Close It – Original HUD Page 10 DisplaySoft™ 2018 Display Systems, Inc.
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
Close It – Original HUD Page 11 DisplaySoft™ 2018 Display Systems, Inc.
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
Close It – Original HUD Page 12 DisplaySoft™ 2018 Display Systems, Inc.
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
Close It – Original HUD Page 13 DisplaySoft™ 2018 Display Systems, Inc.
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.
Close It – Original HUD Page 14 DisplaySoft™ 2018 Display Systems, Inc.
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
Close It – Original HUD Page 15 DisplaySoft™ 2018 Display Systems, Inc.
Use the expander to view the disbursement. Inside, use the check mark to “Combine with same payees” or deselect for separate checks.
Close It – Original HUD Page 16 DisplaySoft™ 2018 Display Systems, Inc.
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
Close It – Original HUD Page 17 DisplaySoft™ 2018 Display Systems, Inc.
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
Close It – Original HUD Page 18 DisplaySoft™ 2018 Display Systems, Inc.
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.