Introduction: Automating the Settlement Statement
Alta Star HUD LITE provides numerous automated features that make settlement statement preparation fast and easy. Some examples are:
Changing the closing date can automatically update all of your prorations, prepaid interest calculations and loan payoff calculations.
Entering or changing the contract price or loan amount can automatically update transfer stamps/taxes (lines 1202-1205).
Entering the number of pages to be recorded can calculate the recording cost (line 1201).
Handling broker commissions retained from the deposit and handling excess deposits is fully automated.
Automated balancing and reconciling of the lender net proceeds with the loan amount and other lender receipts and disbursements.
Generates a balanced list of receipts and checks to disburse. See Receipts and Disbursements
The QuickBooks Pro/Premier Edition of HUD LITE can post your settlement receipts and disbursements to QuickBooks Pro/Premier. See Post to QuickBooks
NEW for 2009/2010 Version 3: Automates entry of Good Faith Estimate (GFE) information and the GFE Comparison Page. Version 3 includes the new Hud-1 and Hud-1A Settlement Statement Forms that are required as of January 1, 2010, and are also used at lender's option in 2009.
To take advantage of all of the program's automation features, simply follow the Program Setup section and be sure to enter a settlement date for each new file.
(Alta Star HUD LITE Version 2, available separately, contains the prior Hud-1 (rev. 3/86) and Hud-1A (rev. 2.94) Settlement Statements, for use in 2009 at lender's option.)
Good Faith Estimate Entries (GFE) and the GFE Comparison Page