DoubleTime Release Notes

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2 Page 2 We are pleased to announce the release of DoubleTime Version This release contains a number of enhancements and improvements. Included in this release are updates to the Closing Disclosure, Rating Module, Branch Product Orders and Reports. Also included are a number of bug fixes and performance tuning for the Settlement Statement and Balance Sheet modules. See the Changes you will notice in this release section below to read about the changes that will be most visible to you in this release. REMEMBER, IT IS ALWAYS VERY IMPORTANT TO INSTALL THE LATEST VERSION OF DOUBLETIME IN ORDER TO REMAIN COMPLIANT. WE VALUE YOUR INPUT. Please continue to provide your comments and suggestions by calling the Help Desk, your Member Support Representative, or Member Account Executive. You can also send us an by visiting the DoubleTime Product Support page on Discover what DoubleTime has to offer and more by going to The Fund s On-Demand Training Library at View the full DoubleTime Training Class or Quick Tips videos, search FAQ s and to get answers quickly and download the latest software updates. The DoubleTime Support Center can also be accessed through DoubleTime by clicking on Help DoubleTime Support Website.

3 Changes you will notice in this release: Page 3 SETTLEMENT STATEMENT MODULE CLOSING DISCLOSURE A new Paid by Others POC field has been added to the Line Detail windows on Page 2 of the Closing Disclosure. This will allow you to show the portion of the Paid by Others amount that is not being funded at closing. NON-SELLER/REFINANCE CLOSING DISCLOSURE PAGE 3 ADDENDUM The ability to create an addendum page of additional payoffs and payments has been added to Page 3 of the Non-seller/Refinance CD using the Use Addendum button. Adding additional payoffs and payments to the Addendum Detail window will automatically calculate the total and place it on the last line in Section K. A CD Addendum A will automatically be generated with the details from the Addendum window. The Payoff calculator is also available now on Page 3 of the Non-seller/Refinance CD.

4 Page 4 RATING MODULE The Payor selection under the Policies and Endorsements tabs of the Rating module has been renamed to DFS-2146 FL Prem. Payor. This selection allows you to select which party is paying for the Owner s Title Insurance for better accuracy on the comparison table in the Florida Insurance Premium Disclosure (DFS-2146) document. NOTE: Changing the DFS-2146 FL Prem. Payor in the Rating module will only affect the Florida Insurance Premium Disclosure document in the Documents module. To change the payor for the Title Insurance charges on the Closing Disclosure, use the Title Calculator button on the secondary toolbar in the Settlement Statement module.

5 Page 5 BRANCH PRODUCT ORDER STATUS MODULE A new Re-retrieve toolbar icon has been added to the secondary toolbar in the Branch Product Order Status module. To re-retrieve updated Fund Data Files from the branch, highlight the order from the Status window and click the Re-retrieve button. After DoubleTime finishes processing the request, you can click on the Import button again to import the new information. NOTE: The re-retrieve option is also accessible from the Actions menu while in the Branch Product Order Status module.

6 Page 6 NEW AND UPDATED REPORTS A new Proration Worksheet report is now available for the Closing Disclosure in the Settlement Statement module. Any prorations made on CD Page 3 in the Adjustments for Items Paid by Seller, Adjustments for Items Unpaid by Seller or rows with the Prorate box checked in the Line Detail window will be displayed in the report. The Proration Worksheet can be accessed while in the Settlement Statement module by clicking on Reports from the main menu and then selecting, Proration Worksheet. The ALTA Settlement Statement reports have a new toolbar icon to show a DRAFT Watermark as well as an option to generate a Separate Signature Page. The Recording Worksheet report has been updated to include the file s loan information (Loan Type, Priority, Lender and Principal Amount). The File Ledger and Trial Balance reports in the Escrow Accounting module have also been updated to include a new Branch column that will display the branch selection made in the Closing File module, General tab.

7 Page 7 BUG FIXES AND PERFORMANCE TUNING includes multiple bug fixes for the Closing Disclosure and Balance Sheet as well as performance tuning in various modules. The Closing Disclosure fixes include: Improvements to the amount withheld calculations in the Line Detail windows Improvements to Title Insurance splits in the Title Calculator Corrections to prorated amounts on Page 3 The ability to display and print large amounts over $10M Page 5 Loan Calculations will now accept percentage rates over 99.9% The header of the Contact Information Table has hover text to promote its right click functionality Balance Sheet fixes include: Corrections to payee names from the CD Better Loan Proceed details Improved refreshing for amounts and descriptions without the need to regenerate the Balance Sheet Various other fixes for out of balance issues Also included in : Updated link to Closing Insight using the CI button on the main toolbar Corrections to errors in the 1099 Year End Maintenance wizard Addition of the Loan ID on the ALTA Settlement Statement reports Error checking for calculations on the Florida Insurance Premium Disclosure (DFS-2146)

8 Functionality added in the 7.0 through releases: Page 8 TITLE INSURANCE CALCULATOR SETTLEMENT STATEMENT MODULE (CD) DoubleTime will now automatically calculate the variance amount between Florida Promulgated Rates and TRID rates for simultaneously issued title insurance policies on Closing Disclosures. The Owner s Policy Variance amount is shown on the TRID Variance tab of the Title Insurance Calculator. The calculator can be accessed from Page 2 of the CD by clicking on the Title Insurance Calculator icon on the secondary toolbar.

9 Page 9 The amount is calculated by taking the Florida Promulgated rates for the Owner s policy and endorsements from the Rating Worksheet and subtracting the TRID rate of the Owners policy and endorsements. This variance amount may help you determine a possible credit amount back to the Borrower when the Seller is paying the Owner s Policy premium.

10 Page 10 CLOSING FILE MODULE PARTICIPANTS TAB The Participants tab of the Closing File module has been enhanced to allow you to enter in licensing information for the key contacts on the Closing Disclosure. This gives you more flexibility and streamlines the process for completing the Contact Information Table on Page 5 of the CD. To enter in licensing information, highlight a contact from the Participants tab and then select the License tab at the bottom of the screen. FUND DATA FILE IMPORTS The Fund Data File (.FPX) Import wizard has been modified to allow you to replace your current closing file s legal description with an updated legal description provided by the Fund Branch, without having a new property inserted. In the event your closing file contains multiple properties, a reference message will be displayed in the Current File Data column.

11 Page 11 After saving, an additional prompt will be displayed and allow you to select the property legal to replace. You will also have the option to add the imported legal as a New Property.

12 Page 12 ALTA SETTLEMENT STATEMENT FORMS Settlement Agents may choose to supplement the Closing Disclosure with an additional settlement statement. DoubleTime will allow you to produce the new ALTA Settlement Statement forms from the Settlement Statements module > Reports menu. ALTA has developed these standardized statements for title insurance and settlement companies for use in itemizing all the fees and charges that both the homebuyer and seller must pay during the settlement process of a housing transaction. All figures will automatically populate on the ALTA Settlement Statements based on information added to the Closing Disclosure. To access the new statements, while in the Settlement Statements module for a Closing Disclosure, select Reports from the main menu bar and then choose from 3 different formats: Combined, Borrower/buyer only or Seller only.

13 Page 13 Checking the Show Print View at the top of the report will display the header of the ALTA Settlement Statement. All information in the header is automatically populated for you based on information added in the Closing File module. You will have the added flexibility of modifying line descriptions on the ALTA Settlement Statements without affecting the Closing Disclosure. Simply click in the Description column and begin typing. Your modified line descriptions will be saved for all printed formats of the ALTA Settlements. FLORIDA INSURANCE PREMIUM DISCLOSURE DOCUMENT The latest revisions of the Florida Insurance Premium Disclosure document from the Florida Department of Financial Services and Office of Insurance Regulations have been implemented into DoubleTime. All figures in the comparison table will automatically populate based on your current Closing File s Closing Disclosure and Rating module figures.

14 Page 14 CLOSING FILE MODULE LOAN TAB The Closing File Module > Loan tab has been modified to accommodate CFPB s new Closing Disclosure. You will now have the ability to select between HUD, HUD GFE, and Closing Disclosure formats. After a new loan is inserted, you may select the Settlement Statement drop down to choose between using a HUD, HUD GFE, or the new Closing Disclosure for your closing file. Note: The Closing Disclosure format should only be selected when the Lender has issued the borrower a Loan Estimate ( ) on or after October 3rd, 2015.

15 Page 15 The Loan tab of the Closing File Module also has an enhanced Terms tab located at the bottom of the window. This new Terms tab can now accommodate the additional information necessary for completing CFPB s new Closing Disclosure. You can now provide the Purpose, Product, Payment Interval, Number of Payments, Property Value Method and Property Value Amount all within the Closing File Module. These key additions to the Closing File s Loan tab > Terms tab will allow DoubleTime to populate the information on the Closing Disclosure automatically. These additional items can also be accessed in the Loan module. PARTICIPANTS TAB The Participants tab will play an integral part in completing the Contact Information Table on Page 5 of the Closing Disclosure. To properly populate the table, it will be necessary to insert the Mortgage Broker(s), Seller s Real Estate Broker(s) and Buyer s Real Estate Broker(s). It may also be necessary to use the Individual button at the top right of the tab to specify a contact person for any entities added.

16 Page 16 CONTACTS MODULE New Licensing fields have been added to the contact card in the Contacts Module to allow for the addition of State and National Mortgage System License ID s. These ID s will display on the Contact Information Table on Page 5 of the Closing Disclosure. LOAN MODULE The entire Loan Module has been revamped to accommodate all of the new data required to be on the Closing Disclosure. Each tab has been restructured to make inputting the loan related data much easier than before. Note: It will not be necessary to access the Loan Module to complete a Closing Disclosure. CLASSIFICATION TAB The Loan Module > Classification tab has new Loan Option checkboxes for Adjustable Rates and Adjustable Payments. Checking these indicators will activate the new ARM and Adj. Pmnt tabs.

17 Page 17 TERMS TAB The Loan Module > Terms tab has a number of new fields related to the Closing Disclosure, including: Buydown Funding and Home Equity Loan indicators, Weighted Average Interest Rate, Future Assumption options, and expanded Prepayment Penalty, Adjustable Interest Rates, and Negative Amortization groups. Information added on this tab will be reflected accurately on the Closing Disclosure form. ADJUSTABLE RATE MORTGAGE (ARM) TAB The Loan Module > ARM tab has new fields and groupings that emulate the Adjustable Interest Rate (AIR) Table on Page 4 of the Closing Disclosure. The ARM tab will become active when the Adjustable Interest Rate checkbox is selected on the Classification or Terms tabs. Information added to this tab can also be edited while in the Settlement Statement module. LOAN DISCLOSURES The Loan Module > Loan Disclosures tab resembles Page 4 of the Closing Disclosure form. Selections made on this tab will be accurately reflected on the Closing Disclosure within the Settlement Statement module. ADJUSTABLE PAYMENTS (ADJ. PMNT) TAB The Loan Module > Adjustable Payment tab allows you to input information necessary to complete the Adjustable Payments (AP) table on Page 4 of the Closing Disclosure. The Adj. Pmnt tab will become active when the Adjustable Payment checkbox is selected on the Classification tab. Choose Interest Only, Optional, Step and Seasonal Payment options here and they will be accurately reflected on the Closing Disclosure within the Settlement Statement module. LOAN CALCULATIONS AND OTHER DISCLOSURES TABS The Loan Module > Loan Calculations (Loan Calc.) tab as well as the Other Disclosures tab have been added to accommodate the additional information necessary when using the Closing Disclosure form. Information added on these two tabs will be reflected accurately on Page 5 of the Closing Disclosure within the Settlement Statement module.

18 Page 18 NEW SETTLEMENT STATEMENT MODULE The Closing Statement module has been renamed to Settlement Statement module throughout DoubleTime. Menus, tabs, and other option fields will now reflect the new label. The old HUD1 icon has also been replaced with a new Settlement Statement icon. The Settlement Statement Module can now be used to create HUD s, HUD GFE s and the new Closing Disclosure form. When the module is opened, the settlement statement displayed will be based on your selection in the Closing File Module, Loan tab. CLOSING DISCLOSURE FORM The Closing Disclosure form in DoubleTime has been designed to look and handle like the H-25(A) model form provided by the CFPB. All of the time saving features available in the HUD and HUD GFE formats are available in the Closing Disclosure including broker, payoff and recording calculators, automatic policy rating calculations and other defaulted values. The Closing Disclosure form has been divided into 6 tabs that follow the format and order of each page, with an additional tab used for selecting Closing Disclosure Options. DoubleTime s intuitive approach makes completing the Closing Disclosure very easy. You can now click in most areas of the form and type directly on it. In many areas, DoubleTime will default in standard language set forth by the Uniform Closing Dataset (UCD) but will allow you to override text making it easy to accommodate anything the Lender may request. PAGE 1 The Closing Information, Transaction Information and Loan Information at the top of Page 1 will automatically populate based on entries made in the Closing File and/or Loan Modules. Double clicking the Property, Borrower, Seller, or Lender fields will initiate a Detail window, giving you the ability to override text and request the information to be sent to Closing Disclosure Addendum A (used to display excess data).

19 Page 19 When Use Addendum? is checked, a Closing Disclosure Addendum A will be automatically created and printed with the CD. The Loan Terms Table on Page 1 will display the standard verbiage when the Can this amount increase after closing? values are set to Yes. Double clicking on the standard verbiage will initiate the Loan Terms Detail window and allow you to modify values or override the standard language. The Projected Payments Table on Page 1 will allow you to enter up to 4 separate payment intervals. To add a new payment interval, simply check the box at the top of the column and enter in the appropriate information. The Costs at Closing Table at the bottom of Page 1 will display calculated values from the totals on Pages 2 and 3. PAGE 2 CLOSING COST DETAILS Page 2 of the Closing Disclosure closely resembles Page 2 of the HUD and HUD GFE. You will now be able to click directly on a line and type in the description, select a payee and enter an amount in any of the 5 columns. When greater detail is needed, double click the line to initiate a detail window. The detail window (shown below) can be used to enter in an Amount Withheld from the loan (Net Funding) and/or specify the Payor when the Paid by Others column is used.

20 Page 20 The detail windows for Section B and Section C will allow you to change the Section and Fee Type in the top left of the window. This is useful when you need to move an amount from one section to the other or designate an item as a Title fee. Clicking the calculator icon on line E.01 under the Other Costs section of Page 2 for Taxes and Other Government Fees, will initiate the Recording Calculator. The Recording Calculator window contains multiple tabs to help calculate your recording fees and transfer taxes. Simply enter the number of pages of your Deed, Mortgage and other documents on the Recording Fees (Deed/Mtg) and Recording Fees (Other) tabs and the correct amount will be calculated for you. You also have the option to split the charges between the buyer, seller and a 3rd party participant.

21 Page 21 On the State Document Stamps and Deed Surtax & Intangible Taxes tabs, the correct charges will automatically calculate based on your file s sales price and loan amount. Note: Transfer taxes will be disclosed on one total line in Section E by default. You may choose to disclose the transfer taxes on multiple lines by changing the Show Total Transfer Taxes selection on the CD Options tab. The detail windows for Section H will allow you to change the Fee Type in the top left of the window. To access the Real Estate Broker Commission Calculator, change the Fee Type to Broker Commission Fee.

22 Page 22 The Real Estate Broker Commission calculator will allow you to calculate multiple Real Estate Broker commissions based on a basis amount and percentage. You will also have the option to withhold amounts from deposits added in the Closing File module. The CFPB s ruling on disclosing simultaneously issued Owner and Lender Title Insurance Policy charges on the Closing Disclosure differs from Florida s Office of Insurance Regulations requirements. It may be necessary to credit the Borrower from the Seller for extra charges incurred when the Seller is contracted to pay the Owner s Policy premium. DoubleTime will automatically disclose the Title Insurance charges in Section C and H according to the CFPB s Final Rule.

23 Page 23 An additional breakdown of the Title Insurance charges will be included on the Florida Insurance Premium Disclosure document. The Florida Insurance Premium Disclosure document will be automatically added to the Documents Module for all Closing Files that contain a loan and policy. A CD Addendum B Customary Recitals document will also be added to Closing Files that use a Closing Disclosure. CD Addendum B contains a traditional signature page. You may contact The Fund s CFPB HOTLINE for more information on disclosing Title Insurance charges on the Closing Disclosure. The Closing Disclosure allows for the movement of available lines from each section on Page 2 to accommodate additional fees and credits. Simply click on the insert icon on the secondary toolbar and you will be presented with the Line Administrator window. In this window, you can select one or more available lines to move to another section. First, select which blank line(s) to move and then select which section to move the blank line(s) to. To complete the move, click on the Move To >>> button. The Status window will confirm your selection and the lines will be moved after clicking Ok.

24 Page 24 PAGE 3 CALCULATING CASH TO CLOSE The Calculating Cash to Close table is used to compare changes from the Loan Estimate and the Closing Disclosure. DoubleTime will allow you to fill in amounts on the Loan Estimate column and will automatically populate most fields under the Final column. Selecting Yes in the Did this change? column will default in the standard language set forth by the UCD. If a variation of the standard language is needed, simply click in the text field and begin typing. You can edit protected text fields by checking the Override button. PAGE 3 SUMMARIES OF TRANSACTIONS Page 3 of the Closing Disclosure closely resembles Page 1 of the HUD and HUD GFE. You will now be able to click directly on a line and type in the description and enter an amount. When greater detail is needed, double click the line to initiate a detail window. The detail window can be used to enter in an Amount Withheld from the loan (Net Funding) or copy the amount to the Seller side.

25 Page 25 The last line in each section can be used to show additional credits and debits by clicking on the Use Addendum button. An expanded detail window for the Addendum row will be displayed allowing you to Insert Fee Descriptions and amounts. The total of all addendum items will be inserted on the selected row of Page 3 after clicking Ok. The Addendum Fee Descriptions and amounts will be displayed on Closing Disclosure Addendum A when the Closing Disclosure is printed.

26 Page 26 PAGE 4 ADDITIONAL INFORMATION ABOUT THIS LOAN Selections made in the Loan Module > Loan Disclosures tab will be accurately reflected on Page 4 of the Closing Disclosure form. You also have the option to make all necessary selections and enter information within the Settlement Statement Module. The Adjustable Payment (AP) Table can be activated by selecting the checkbox at the top left of the table. Toggling the AP table on and off will affect the Loan Terms table > Monthly Principal & Interest on Page 1 of the Closing Disclosure. The Adjustable Interest Rate (AIR) Table can be activated by selecting the checkbox at the top left of the table. Toggling the AIR table on and off will affect the Loan Terms table > Interest Rate on Page 1 of the Closing Disclosure.

27 Page 27 PAGE 5 LOAN CALCULATIONS AND OTHER DISCLOSURES Selections made in the Loan Module > Loan Calc. and Other Disclosures tabs will be accurately reflected on Page 5 of the Closing Disclosure form. You also have the option to make all necessary selections and enter information within the Settlement Statement Module. The Contact Table allows you to display important information about key participants from the Closing Disclosure. The key participant types that will appear are: the Lender, Mortgage Broker(s), Seller s Real Estate Broker(s), Buyer s Real Estate Broker(s) and the Settlement Agent. Column widths can be resized to allow information to fit within the printable margins. Column headings appearing in yellow indicate the contact information in that column does not fit within the printable margin and will appear on Closing Disclosure Addendum A. Contacts can be added or deleted on the table by right clicking any of the column headings and selecting Add or Delete. Selecting Add will list key participants from the Participants Tab in the Closing File module that you can elect to include in the table. The Confirm Receipt signature line can be turned on by checking the Show Confirm Receipt box at the bottom of Page 5. Note: Additional options concerning the Confirm Receipt lines can be selected in the Closing Disclosure Properties options from the Format menu.

28 Page 28 CLOSING DISCLOSURE PROPERTIES DoubleTime contains multiple Closing Disclosure options that can be accessed on the Closing Disclosure Options tab. You will be able to select multiple format changes for your current Closing Disclosure including the options to Use Pages 2a and 2b, Show Total Transfer Taxes on a single line (Section E), as well as options for the Confirm Receipt signature block. You may change the default settings for these Closing Disclosure Options in your User Preferences. Simply click Preferences, from the main menu bar and then select, User Preferences. Under the Settlement Statement tab, you will have the ability to change your default settings for all future Closing Disclosures. CLOSING DISCLOSURE REPORTS DoubleTime will allow you to print multiple formats of the Closing Disclosure while in the Settlement Statement Module, from the Reports menu on the main menu bar. Along with the standard Closing Disclosure format, you will be able to print a Seller Only CD, Borrower Only CD, and a Buyer s/seller s Closing Statement in a 2 column ledger format. For refinance closing files, a Non-Seller or Refinance CD will be available.

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