Introduction: Automating the Settlement Statement

Contents - Index

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).

Balancing and reconciling the lender net proceeds with the loan amount and other lender receipts and disbursements is a snap. See Receipts and Disbursements

The program automatically 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

Handling broker commissions retained from the deposit and handling excess deposits is fully automated.

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.