Closing Costs
View the "Loan Templates" Quick Reference Guide
A Closing Cost is a template of predefined values that display primarily on the 1003 application, the Good Faith Estimate statement (for loans using the 2010 RESPA forms) , and the Loan Estimate (for loans using the 2015 RESPA-TILA disclosure forms). You can significantly reduce data entry time and improve accuracy by setting up closing cost templates for the types of loans you process most often.
When you select a closing cost template to use with a loan, the data from the template is copied to the loan forms. You can leave the data as is, or change values as needed. The original data on the template is not affected.
About public and personal closing cost templates
To Create a Closing Cost Template:
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On the menu bar, click Encompass, and then click Settings.
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In the left panel, click Loan Templates, and then click Closing Costs.
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On the Closing Costs setting, select the Public or Personal folder in which to add the template.
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Click the New icon, select the option to apply the template to the 2010 Itemization or the 2015 Itemization.
Using the RESPA-TILA Form Version option located at the top of the Forms menu, an authorized user can open a loan file and select an option to use the 2015, 2010, or pre-2010 version of the RESPA-TILA forms for the current loan file. Note that the option to switch between versions of loan forms is no longer available after a loan has been disclosed to a borrower.
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Type the name of the template, and then (with the new template selected) click the Edit icon.
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On the Closing Cost Template Details window, type a Description, and complete the form as described below.
The fields in section 700 are used to designate the distribution and payers of sales and broker commissions on the HUD-1 Page 2 form.
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If the data in a template conflicts with a business rule, select the Template data will ignore business rules checkbox to ignore the conflicting business rule and apply the template data to the loan.
- If the checkbox is not selected, the business rule will take precedence over the template data.
This feature is available only if it has been enabled by your system administrator (using the Settings Manager in the Admin Tools) and applies only to public templates.
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When finished, click Save.
To Create a Closing Cost Template:
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On the menu bar, click Encompass, and then click Settings.
-
In the left panel, click Loan Templates, and then click Closing Costs.
-
On the Closing costs setting, select the Public or Personal folder in which to add the template.
-
Click the New icon, select the option to apply the template to the 2010 Itemization or the 2015 Itemization.
Using the RESPA-TILA Form Version option located at the top of the Forms menu, a user can open a loan file and select an option to use the 2015, 2010, or pre-2010 version of the RESPA-TILA forms for the current loan file. Note that the option to switch between versions of loan forms is no longer available after a loan has been disclosed to a borrower.
-
Type the name of the template, and then (with the new template selected) click the Edit icon.
- On the Closing Cost Template Details window, type a Description.
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Complete the form as described below, and then click Save.
The fields in section 700 are used to designate the distribution and payers of sales and broker commissions on the HUD-1 Page 2 form.