Overview
Demonstrates how to create files that use the commercial closing statement and how to put those files into project groups. Projects can be created three ways: by creating all the files through the New File Wizard first and then linking the files together in a project; by creating a primary file from the New File Wizard, copying the primary file using the Copy File function to create the remaining files, then linking the files together in a project; and by creating a primary file through the New File Wizard, creating a project with that primary file, then creating files within that project.
There can be up to three levels of files in a commercial project: a single primary file and as many closing group and child files as necessary. Child files represent the individual properties and can be grouped together under a closing group. Closing group files are used when multiple properties will close at the same time. If there are going to be multiple closings for a project, then there will need to be multiple closing groups; each closing group will need to have its child files linked appropriately. If there is only going to be one closing for the project, a single file can be used as both a closing group file and a primary file. A primary file is used to show all the activity for the project in one place.
Version History
| Version | Date | ID | Description |
| 9.1 | 05/03/2018 | Functionality available | |
| 06/21/2022 | Updated formatting |
Creating Projects via the New File Wizard
This method is the slowest with regards to creating files and projects, but it allows users to ensure that the information on each file is unique to the file being created and correct at file creation, rather than having to edit it after file creation. This method does not ensure that all files in the project will have a related set of file numbers.
New File Wizard
- Enter the Street information or a Description to identify the property.
- Primary and closing group files will likely utilize the Description field, while child files will likely utilize the Street address fields.
- Select at least a State and a County.
- Primary and closing group files may not have a Zip Code or a city, while child files will likely have a full address, including a Zip Code and city. Since primary and closing group files will likely not have property addresses, use the state and county of the corporate office of the primary transactee, which is typically the buyer.
- Enter any other property information that’s pertinent to the file.
- Click Next.
- Select a Client.
- Select a Transaction Type.
- Select a Product Type.
- Enter a Sales Price and Loan Amount if it’s required by the product type or it makes sense to do so.
- Child files should have a sales price and will likely have a loan amount, but primary and closing group files will likely not have either of these; the amounts from the child files will roll up to the closing group and primary file.
- Set the Settlement Statement Version to Commercial if the product does not default to this statement type.
- The Commercial statement type is required for the file to be able to be added to commercial projects.
- Enter any other required or pertinent file information.
- Click Next.
- Select a buyer Type.
- Enter a Name.
- If the buyer should be linked to a consumer, click Search in the Linked Party section.
They can also be linked to partners by selecting Partner in the Type dropdown shown below.
- Search for the consumer by entering the Name.
- The name will auto-populate with the name that was entered on the buyer or seller. If this doesn’t match the name of the consumer, enter the name of the consumer.
- Select the consumer and click Link.
- If the buyer should be copied from another file, which may be the case when creating child files, select the file in the Buyer/Seller section and click Link & Copy. This will copy the buyer’s information from the selected file to the new file and link the new file to the consumer.
- The buyer will indicate that it’s linked to a consumer.
- Changes can be made, if necessary. For example, the buyer’s name on the file may not match the name of the consumer and may need to be updated or the signature line may need to be edited.
- Click Next.
- Enter the seller’s information.
- Sellers can also be linked to consumers using the same process as above.
- Click Finish.
- Repeat for all the files that will be in the project.
- Things to keep in mind when creating files that will be part of a commercial project:
- Sales prices, loan amounts, and fees from child files will be displayed on the closing file to which they’re linked. Additional fees can also be charged on the closing file.
- If default settlement fees are set on product types, it may make sense for the primary and/or closing file(s) to have a different product type than the child file. Since fees are not likely to be charged on a primary file, for example, having these files utilize the same product type as the child files, where fees are charged, would mean that a user would have to manually remove all the fees on the primary file to prevent the customer from being charged more than they should be.
- A closing file can also be a primary file, in the case when there is only one closing, but a child file cannot be a primary file or a closing file.
- The primary file and closing files will show receipts and disbursements on Settlement/Postings for all files linked to it.
Admin/Projects
- Click Add.
- Enter search criteria to find the primary file just created and click Search.
- Select the file that will be designated as the Primary file and click Select File.
- Select the newly created project and click Edit.
- To edit the name of the primary file node, click in the bottom row of text.
- This defaults to the subdivision, property address or property description, or file number (in that order of preference, depending on what is provided), but can be changed to be more easily identified.
- If there are two or more closings, right-click and select Add Closing Group to add a closing group file.
- If the primary file should also be the closing group file, select Convert to Master File and Closing Group. This option is utilized if there is only one closing.
- Search for and select the closing groups that should be added.
- They should automatically be linked to the primary file. If they are not, link each one by clicking on a connection point and dragging the arrow to a closing group.
- Right-click on a closing group and select Add Child File to add one or more child files to the closing group.
- Search for and select the child files that should be added.
- Repeat for each closing group in the project.
- When all the files have been added to the project, click Save, Close.
- Additional files can be added to a project at any time.
- Files can be removed from a project until receipts or disbursements have been made. Once receipts or disbursements have been made on a file, the file cannot be removed from the project.
- To quickly view files that have specific information, enter that information in the Filter box. Any file that does not contain this information in the project display will turn gray, drawing attention to the file(s) that have this desired information.
- When a project is complete, it can be disabled on the Admin/Projects panel by selecting it and clicking Disable.
Creating Projects via Copy Files
This method is the fastest with regards to creating files, but it requires users to edit files after file creation to correct information, since all the files will be created matching the primary file’s information. This method also ensures that the files have a related set of file numbers.
New File Wizard
- Create the primary file as shown above.
Search/Files
- Enter the File Number for the file created above.
- Click Search.
- Highlight the file and click Copy File…
- The Office and Client will default to match the file that’s being copied. If these should be different, change them.
- Select a Transaction Type and a Product Type.
- Click Copy File Number (Skip Relationship)
- This will create a new file with the same file number as the copied file and a dash number after it. For example, if the source file is 102808, the first copied file number will be 102808-2, the second will be 102808-3, etc. This is a way to ensure files within a commercial project have related file numbers.
- Select or deselect any of the desired Data to Copy options.
- Click Copy File.
- When the file is copied, the user will be notified. Click OK.
- Change any data on the newly created file that may need to be changed. For example, the buyer, seller, or address may need to be changed or, if a child file was created, a sales price and/or loan amount may need to be added.
- Repeat for all the closing group and child files.
Admin/Projects
- Click Add.
- Search for the primary file created above.
- Highlight the file in the Search Results and click Select File.
- Highlight the project that was created and click Edit.
- Right-click on the primary file and click Add Closing Group.
- Search for and highlight the closing group file(s) created above.
- Click Select File(s).
- Right-click and select Add File.
- Search for and select the child files created above.
- Highlight the child files and click Select File(s).
- The child files will be added to the project. Click on the closing group file and drag the arrow to a child file to link it to the closing group file.
- To add child files to specific closing group files directly, right-click on the closing group file, instead of right-clicking in the empty space, and search for and select the child files that should be related to that closing group file. Repeat for all child files.
- Repeat to create relationships between all closing group and child files.
- Click Save, then click Close.
Creating Projects from Within Admin/Projects
This method is a combination of the previous two. It allows users to create files with accurate information while still ensuring that all files in the project have a related set of file numbers.
New File Wizard
- Create the primary file as shown above.
Admin/Projects
- Click Add.
- Search for the primary file created above.
- Highlight the file and click Select File.
- Select the newly created project and click Edit.
- Right-click and select Create New Closing Group File.
- This will allow the user to utilize the New File Wizard to create a new closing group file and will automatically add it to the project.
- Create the closing group file using the New File Wizard.
- The file will be created using the same file number as the primary file with a -2, -3, etc. and the relationship will be added automatically.
- Repeat for any additional closing group files.
- Right-click and select Create New File.
- Create a child file using the New File Wizard.
- The files will be created using the same file number as the primary with a -4, -5, etc.
- Repeat for all child files.
- Relate the closing group file(s) to the child files. Relationships will not automatically be created between closing group and child with this method.
- Click Save, then click Close.