The Track now offers brokers the ability to edit their own Title and Escrow fees on loans they elect to self-disclose.
Upon starting a new loan and selecting the self-disclosure process, you will have the ability to edit your own fees after registering the file.
Once your file has been registered, click on the "Fees" tab to begin the process of editing your fees.
After clicking the “Fees” tab, SmartFees will automatically run a quote on your loan based on service providers located around the subject property address. You can compare quotes across the different providers by clicking on the “Select Provider” icons under Title and Closing Services. Once you are ready to proceed to editing your own fees, click the “Save & Continue” button at the bottom of the screen.
You will now find yourself on the "Fee Validation & Disclosure" screen, which will allow you to edit, add, or remove the following fees:
Section A. Origination Charges
Section B. Services You Can't Shop For
Section F. Prepaids
Section G. Initial Escrow Payments at Closing
Section H. Other
Adjustments and Other Credits
Please note to edit the amount of a fee, click on the fee amount next to the pencil icon and enter the desired amount. To remove a fee, click on the fee amount next to the pencil icon you wish to remove and reduce the amount to zero. To add a fee to section B and/or Section H, click on the “Add Section Fee” and select the fee title via the dropdown that pops up. Once you have selected a specific fee to add, you can enter the dollar amount of that fee next to the pencil icon.
Once you are done with the Fee Validation & Disclosure screen, click on the checkbox that acknowledges any restitution or under-disclosure is your responsibility, and then click “Save & Continue”.
You will now have the option to Edit Section C Fees (Title and Escrow Fees) or proceed with the SmartFees quote by clicking “Accept SmartFees and Proceed to Price/Lock Loan”.
Once you have clicked on Edit Section C Fees, you will be taken to the “Optional Schedule C Fees” tab. This screen will allow you to add in your Escrow and Title Service Provider information in order to enter your own title and settlement fees. Please note if you did not mean to select Edit Section C Fees and wish to proceed with the SmartFees quote that was provided on the previous screen, just click the "Continue with no changes" button located towards the top right of the screen.
To add your Service Provider information, click one of the "Add New Provider" buttons to select the Vendor Type and proceed to fill in the required information marked by a red asterisk. Once you are done, click the "Add Provider" button.
Now that you have added your Service Providers, it is time to start entering your title and escrow fees.
To enter a fee, select a fee name from the “Select Fee” dropdown, then select which Service Provider it should be paid to, and then enter the fee amount under the “Borrower Paid” column. Please note that Seller Paid fees will be added by the disclosure desk at the time of requesting the Closing Disclosure.
Once you are done entering all your fees, click one of the “Save Selections” buttons located at the top or bottom of the screen.
After you have saved your selections, you can now proceed to the final “Price/Lock Loan” and “Disclosure Submission” steps by clicking on the “Price/Lock Loan” tab.
If after saving your selections you wish to revert back to using SmartFees for schedule C Title and Escrow Fees, just click on the button represented in the screenshot below.
