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Sections 200-209, 500-509
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Fields in view Enter/Edit information Calculations Modules |
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Entering/Editing information on the HUD
- Enter the file number of the HUD if you have not done so already.
- Proceed through the form by entering party information, text descriptions, calculation boxes and dollar values where necessary.
- Pressing the Tab key on the keyboard at the end of a page will send you to the next tab. To move to the next section, click the Next Page button at the top of the screen.
- Click the Save button to save the form.
- Place the cursor in the field you want to edit.
- Highlight the existing information and hit the Delete key on the keyboard. Enter the new description or amount.
- Tab through the field and the remaining line items to ensure all updates are completed (* to clear out an entire section of the HUD, click the Clear All button located at the top of the form view).
- To save information at any time to the HUD, click the Save button located at the top of the form view.
Calculations
Calculation Line L201: Deposit or Earnest Money
This Calculation requires you to enter up to five different amounts in order to calculate the amount to deposit or earnest money. These are the following amounts to be entered:
Retained by Broker on Line 701:Any amount entered in this field will be displayed in J701 as well as the calculation for J700. This is the amount left on deposit with the primary broker party if the broker holds a portion of the deposit as payment in advance for commission.
Retained by Broker on Line 702:
Any amount entered in this field will be displayed in J702 as well as the calculation for J700. This is the amount left on deposit with any secondary broker parties if they hold a portion of the deposit for commission.
Paid directly to Seller on Line 501:
Any amount entered in this field will also be displayed in K501. This is the amount of the deposit which the seller has taken into possession before the time of closing as payment toward the balance of the property sale.
Paid to Lender:
This is the amount of money held until closing by the lending agent.
Paid into Trust (To Settlement Agent):
This is the amount of money held in trust until closing by the settlement agent.
Total Deposit/Earnest Money Line 201:
This is the total of all payments made to deposit/earnest funds.
Calculation Line J202: Principal Amount on New Loan(s)
This calculation provides a useful way of showing borrowers what their monthly payment schedule will look like. Although the information calculated here is not displayed on the HUD printout, it will be saved within the HUD file. Only the principal amount of the loan will be displayed in the Main views and on the completed HUD form.
| Field Name | Field Length | Field Description |
|---|---|---|
| Principal amount | 12.2 Numeric | Principal amount of loan |
| Loan funding check | 12.2 Numeric | Amount of check |
| Annual interest rate | 2.2 percent | Percent of interest charged on principal balance |
| Number of payments | 8 | Number of regular payments to be made over the life of the loan |
| Date of first payment | mm/dd/yy | Date field |
| Date of final payment | mm/dd/yy | Date field |
| Principal/interest payment | 12.2 Numeric | Numeric |
| Final payment | 12.2 Numeric | Total amount of last regular payment |
There are three choices you can make:
Regular loan:
Everything is calculated as is, nothing else is done
Seller financed:
Everything is calculated as is and the amount entered in the Amount financed by seller field will be displayed in K-507*
Construction/line of credit:
Everything is calculated as is and the amount entered in the Loan in process amount field will be displayed in J-104*
*The user will be notified about the field being displayed.
Calculation Lines 504, 505: Payoff of LoanThis calculation involves the payoff of a pre-existing loan that will be displayed on the real estate closing. This may be a previous loan owed by the borrower or an assumption of the seller's debt as part of the sales contract agreement. Below is a table listing the field names, their length and description. This will help explain how to work through this calculation.
| Field Name | Field Size | Field Description | |
|---|---|---|---|
| Existing Loan Number | 40 (any character) | Loan Number to be paid off | |
| Principal Date | mm/dd/yy | Date of Principal payment | |
| Principal Amount | 12.2 Numeric | Amount of Principal Balance to be paid | |
| Days until Interest | 2 Numeric | Will add this to set date | |
| Days After (Selection) | Click on choice | Settlement or Other date | |
| Other Date | mm/dd/yy | Date if "Other" selected | |
| Amount per Day | 12.2 Numeric | Amount per calculated days | |
| Late Fee Amount | mm/dd/yy | Amount of Late Fee | |
| Late Fee Accrued | 4 Numeric | How Many Late Times, if entered late fee is assigned | |
| Late Fee Date | mm/dd/yy | Day Late Fee is Assigned | |
| Other Description | 40 (any character) | Notes Field | |
| Other Amount | 12.2 Numeric | Amount of other Charge |
Everything in this screen is fully calculated. When you’re finished entering a value in a field, simply Tab out of that field and the view will be recalculated. This calculation is also located on lines 104,105,504 and 505 of sections J and K.
(TOP) ModulesSections 200-209, 500-509 Fields
| Field | Size | Description |
|---|---|---|
| J201 Total | 12.2 Numeric | Monetary Value |
| J202 Total | 12.2 Numeric | Monetary Value |
| J203 Total | 12.2 Numeric | Monetary Value |
| J204 Description | 40 (Any Character) | Description |
| J204 Description | 40 (Any Character) | Description |
| J204 Total | 12.2 Numeric | Monetary Value |
| J205 Description | 40 (Any Character) | Description |
| J205 Description | 40 (Any Character) | Description |
| J205 Total | 12.2 Numeric | Monetary Value |
| J206 Description | 40 (Any Character) | Description |
| J206 Total | 12.2 Numeric | Monetary Value |
| J207 Description | 40 (Any Character) | Description |
| J207 Total | 12.2 Numeric | Monetary Value |
| J208 Description | 40 (Any Character) | Description |
| J208 Total | 12.2 Numeric | Monetary Value |
| J209 Description | 40 (Any Character) | Description |
| J209 Total | 12.2 Numeric | Monetary Value | K501 Total | 12.2 Numeric | Monetary Value |
| K502 Total | 12.2 Numeric | Monetary Value |
| K503 Total | 12.2 Numeric | Monetary Value |
| K504 Description | 40 (Any Character) | Description |
| K504 Total | 12.2 (Numeric) | Monetary Value |
| K505 Description | 40 (Any Character) | Description |
| K505 Total | 12.2 Numeric | Monetary Value |
| K506 Description | 40 (Any Character) | Description |
| K506 Total | 12.2 Numeric | Monetary Value |
| K507 Description | 40 (Any Character) | Description |
| K507 Total | 12.2 Numeric | Monetary Value |
| K508 Description | 40 (Any Character) | Description |
| K508 Total | 12.2 Numeric | Monetary Value |
| K509 Description | 40 (Any Character) | Description |
| K509 Total | 12.2 Numeric | Monetary Value |
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