Here is another quirk that you may have run across. Sometimes all of the Paid By column fees display as “DETAILS” which means your calculations for the cash to close and prepaid finance charges are incorrect.
Now this isn’t to say that it’s a random occurrence. There are two ways this could happen and I’ll walk you through the corrections.
The first way deals with whether you are using a closing cost template that was created prior to Point 7.4.
To correct the template:
- Install Point 7.3 on one computer.
- From Point 7.3, go to Templates from the left navigation panel.
- Select Closing Cost Scenario.
- Double-click the first closing cost template in the list.
- When it opens, click File > Save on the menu bar and then close it.
- Follow the same steps for every closing cost template. Simply open and save it.
When all closing cost templates are re-saved with Point 7.3 – then you can upgrade to Point 7.4 and use the templates.
The second way involves copying a loan file. If you copy a file and check the box to “copy only 1003 data”, the calculation of each fee and prepaid finance charges will not be correct.
- You must either re-copy the file again without checking the box to “copy only 1003 data”
- Re-create the file and re-enter the fees on the Fees Worksheet.
More details can be found in the KB article # 0380 or you can call support for assistance at 800-342-2599.