We know that you have a lot of questions regarding the TRID implementation and we want to provide an easy way to get answers. We have developed a new forum where you can ask the RamQuest team all of your TRID questions. From product to operations, development and provider integrations, if you have questions, we have the answers!
And it's easy to ask the questions, just click here! Also, we want you to benefit from other customers' questions so we have gathered some of the most frequently asked TRID questions/answers and summarized them below. And check back for additional Q&As as we are updating this as additional questions come in!
Question:
We understood that PaperlessCloser version 8.1 included the CDF collaboration capabilities for Lenders that do not have LOS systems that can do so. I have read the PaperlessCloser 8.1 User Reference Guide but did not find reference to the ability for Collaboration of the CDF in this version. Can you help?
Answer:
You're right! PaperlessCloser 8.1 does provide a quick and seamless collaboration between the title company and any lender that is authorized to access the CDF. This means that you can act as a portal for your lender customers that don't already have a portal service and this capability will be invaluable those lenders!
There are new security settings at the global level in CC Supervisor on a new screen called CDF PaperlessCloser Security as well as at the agent and file level that will allow authorized parties to access and enter data on the Closing Disclosure. And the Closing Disclosure can be easily accessed by authorized parties -- they just click the Closing Disclosure button that appears in the upper right hand corner of the PaperlessCloser Order Details screen for files that have a Closing Disclosure.
Question:
Once the Closing Insight integration is live, if we have an order submitted by the buyer or buyer's agent in our RamQuest system and the lender opens an order that is then sent to us through Closing Insight, will the duplicate order be identified and will they be "tied" together?
Answer:
Yes! As part of our Closing Insight integration we will have a new “Duplicate Order Matching Service”. When a new order arrives from a RealEC Lender we will query your database for a matching name, address, etc. If a matching order is identified, you will receive a notification in PaperlessCloser Alarms with a link to take you directly to Closing Market where you can merge the files and select other options (keep existing file number, select which data you want to keep from the new order, etc.). The Duplicate Order Matching Service is expected to go live in the next few weeks, and we will have training videos available soon.
Question:
Is RamQuest going to add the auto-population of the transfer taxes calculation on the Closing Disclosure?
Answer:
If you currently have state specific recording scripts that calculate this on the HUD today, then you will have this functionality on the Closing Disclosure Form, too. Your state specific recording scripts will calculate the transfer taxes and populate Section E of the Closing Disclosure and you can look for this functionality in Complete Closing 8.2 and in RamQuest One version 2.2.
Question:
When will RamQuest have the new CDF related ALTA Settlement Statements for buyer and sellers? Also, how will these be loaded into the system?
Answer:
The ALTA Settlement Statements, the Texas Disclosure Statement and the Florida Disclosure Statement are available in Complete Closing version 8.2, which was released earlier this week, and in RamQuest One version 2.1, which will be released later this month. These Statements can all be printed directly from the Closing Disclosure Form using the Print Documents screen/list.
Question:
Can you set up templates in the Closing Disclosure Form for standard fees as we can with the HUD?
Answer:
Yes! You can set up Closing Disclosure templates to accommodate fees, just as you can currently for the HUD. We've made sure that the functionality that you've become accustomed to in the HUD-1 applies to the new Closing Disclosure whenever possible.
Question:
If a realtor is holding an Earnest Money Deposit and wants us to reduce their commission check by that amount, we have no way to show that on the CDF. Would we need to manually alter the commission check in Check Writing?
Answer:
While the bureau’s CDF doesn’t require the designation of the Earnest Money Deposit (EMD) being held by the realtor, we kept the functionality that you’re used to in place so you wouldn’t need to manually make changes in the check writing screen. This is an example where it’s okay to have the Receipts & Disbursements not exactly match what’s disclosed on the CDF, because the CDF doesn’t require that level of detail. The functionality that you’re accustomed to with the HUD-1 today, deducting EMD funds from the commission check when needed, remains the same in the CDF.
Question:
What’s the deal with the math on the ALTA-Settlement Statement form??
Answer:
When you take a close look at the ALTA combined form, you’ll notice right away that the buyer charges are on are on the left side and the seller charges are on the right side. This is the opposite of the HUD-1.
Even though the ALTA-Settlement Statement is a listing of debits and credits, pay close attention to the 3 totals at the bottom of the page...they don’t work like the HUD-1 totals do either. This is a significant change for some closers (although some of you have been using forms like this one for a long time).
Question:
If a realtor is paying for an item on behalf of a buyer/seller, will we need to manually alter the checks in check writing to accommodate that scenario? For example, if the seller’s agent is paying for a home warranty for the buyer…is there a way to reflect that on the CDF so it accurately pulls to check writing?
Answer:
This is where Paid By Others comes in. You simply select and enter the description, payee and amount of the fee for the home warranty plan, then Select Paid By Others and select that it is the realtor who is paying it (payor), and the amount that the realtor (payor) is paying…we take care of the accounting in Receipts and Disbursements (R&D). The amount paid by the realtor would show in the Paid By Others column on page 2 of the CDF. Your R&D will reflect the adjusted amounts. Said differently your Check Writing screen is “Paid By Other Parties aware” – no need to manually change amounts in your check writing screen.
Question:
I've had several lenders send communications about various collaboration tools that do not require software integration. It uses import/exports of MISMO files to collaborate fees for the CD. Is there a feature that allows the export of MISMO files?
Answer:
Collaboration is a general term that can many several different things:
Question:
I’m working on a test file and can’t manipulate the numbers on the ALTA-Settlement Statement. I can add a line and type in text but not numbers. Also can’t change the numbers that came over from the disclosure. What’s the secret?
Answer:
The ALTA-Settlement Statement (ALTA-SS) is a direct reflection of items entered on the CDF form and supplemental screens like Realtor Breakout, Paid By Others Breakout, Recording Fee Breakout, etc. This is important so that your ALTA-SS doesn't get out of sync with your (and your lender’s) CDF. The only part of the ALTA-SS that is exempted from this functionality is with regard to title premiums. If you’re in a simultaneous issue state, the ALTA-SS will pull in your filed (or “actual”) rates from your premium screen instead of pulling in the CDF premium values. Yes, your ALTA-SS is just that smart!
As far as adding lines, you have the ability to add informational text lines (if further description or clarification is needed in an area) but dollar additions or description name changes need to be made on the CDF or other breakout screens so as to not break the continuity between the CDF and the ALTA-SS.
And don’t forget when you're the ALTA-SS allocation screen to allocate each line into the proper section for the ALTA-SS form. Uncategorized items will be easy to spot because they turn bright yellow to remind you!
Question:
Can the system count the number of days between the CDF being sent and the closing date?
Answer:
Your system can keep track of the days in between a CDF being sent to the borrower and the closing date, regardless of whether you or the lender is sending out the CDF.
You can easily see in the Workflow Dashboard or via a report the upcoming due dates for the “Closing Can Occur” task across all your files. Or, within a specific file, you can at-a-glance double check that you’re not closing inside the three day window.
Just make sure you’re marking tasks as complete in real time and you’ll never be confused about whether a deal is okay to close from a TRID timing perspective.
Extra Bonus Tip: Remember, you can keep track of any activities or events you want using this same method of setting up correlating tasks for whatever the item.
Question:
Why doesn’t the system automatically calculate and place a debit/credit for the title premium adjustment on the CDF the way it does for the HUD-1?
Answer:
We're so glad you love that great auto debit/credit feature in the HUD-1 and we really want to build a similar auto feature in for your CDF.
Here’s why we can’t just yet – the bureau has said they will allow lenders to direct settlement agents to show premium cures in one of three ways. The debit/credit on page three is our favorite, but, if we automate that, we risk preventing you from being able to handle the cure in one of the other two possible scenarios that your lender might ask you to use.
It’s our hope that everyone will settle on the method of using an off-setting debit/credit on page three as the preferred method….and then we can automate that for you. But until we see consistency within Closing Instructions or get revised clarification from the bureau, we need to make sure you have the ability to cure the title insurance premium problem in any of the three ways a lender might ask of you.
Remember, your Title Premium Calculator is smart enough to calculate the CDF Premiums and "actual premiums". The CDF premiums will only pull to the CDF. All of your other documents and your check writing screen use the "actual" rates.
Your ALTA Settlement Statement form will show actual rates, actual itemized recording fees and more granular commission breakdowns; things not necessarily shown in detail on the CDF.
AND FINALLY, hot off the presses from the ALTA Convention...now that TRID has taken effect, the bureau is beginning to look at possible amendments to the rule. The title insurance premium disclosure problem is in the first batch of POSSIBLE revisions. If that happens, we might in the future see an abandonment of the current CDF rate calculations and a reversion back to actual premium disclosures on the CDF!
Keep your fingers crossed and your eyes peeled for continuing updates on this evolving topic.
"Since our implementation, we have seen a decrease in the number of update phone calls we receive, which tells us that our customers are getting the information that they need from these new tools. California has so much to gain from what RamQuest has to offer and we are excited to share that with our customers."
Brynne DesMarteau-Ray, General Manager