Hopefully by now you have tried to recreate a couple of Closing Disclosures in E-Closing. If not I would recommend taking a look at our 1st TRID TIP labeled "Practice Makes Perfect". As you may have discovered our Closing Disclosure Form screen defaults page 3 using the traditional "Buyer/Seller" side Closing Disclosure pages. In a refinance transaction, while this is acceptable, your lender may request that you use the alternative page 3 which simply lists all of the borrower payoffs and payments. You can easily access this alternative page by either setting your company wide defaults to allows use this form in a refinance transaction or you can set this default on a lender by lender basis. Follow these simple steps to access the alternative Page 3:
Company Wide Change
(This change will default all refinance files to use the alternative page 3 for the Closing Disclosure unless a lender rolodex entry is set otherwise.)
- From the Whiteboard go to Back Office - Rolodex Menu - Manage Rolodex
- From the business type drop-down select "This Company"
- Click on your company name to open your rolodex record
- Towards the bottom of the screen you will find a drop-down menu labeled as follows "No Seller Transactions - Page 3"
- Select "Payoffs and Payments Section"
- When you go into the Closing Disclosure Form screen the alternative Page 3 will now be the default page used on refinance files.
Company Wide Change
(This change will default all refinance files to use the alternative page 3 for the Closing Disclosure for a specific lender.)
- From the Whiteboard go to Back Office - Rolodex Menu - Manage Rolodex
- From the business type drop-down select "Lender"
- Click on your company name of the Lender;s record you would like to change.
- Towards the bottom of the screen you will find a drop-down menu labeled as follows "No Seller Transactions - Page 3"
- Select "Payoffs and Payments Section"
- When you go into the Closing Disclosure Form screen the alternative Page 3 will now be the default page used on refinance files for this lender.
As mentioned in our prior TRID TIP, if you will not be expected to provide the Closing Disclosure to the borrowers then this tip may be a moot point as this will not affect file balancing/disbursing or the ALTA Settlement Statements in any way.