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Rebate Settlement Property

Overview

This demonstrates how to set up and use the rebate property on settlement lines to issue a credit based on another fee being charged on a file. Adding rebate settlement lines and setting rebate rates at geography levels in Resware will allow credits to be automated on files. In addition, reports can be generated to show the details of the total fees collected compared to the rebates given. This functionality was created to accommodate the needs for customers doing business in the state of Florida where an annual “data call” report is required. However, it can also be used for any generic rebate a company may find beneficial in their daily business.

Version History

VersionDate ResolvedMantisDescription

9.6.29
9.7.13

08/03/2018
08/24/2018
14567 Functionality available

Adding a Rebate

Admin/General Setup/Geography

  • Select States, Counties, or Cities to enter the rebate.
  • For States:
    • Select the state and click Edit.
    • In the Rebate Rate area, select either Percent Rate or Flat Amount, then enter the value in the associated field.
    • Click Save.
    • Repeat steps to add the rebate for each state as needed.
    • Click Close.
  • For Counties:
    • Select the state from the dropdown menu, select the county, then click Edit.
    • In the Rebate Rate area, select either Percent Rate or Flat Amount, then enter the value in the associated field.
    • Click Save.
    • Repeat steps to add the rebate for each county as needed.
    • Click Close.
  • For Cities:
    • Select the state from the dropdown menu, select the city, then click Edit.
    • In the Rebate Rate area, select either Percent Rate or Flat Amount, then enter the value in the associated field.
    • Click Save.
    • Repeat steps to add the rebate for each city as needed.
    • Click Close.

NOTE: Priority levels are city, county, then state, and no rebate will be added if there is no fee added. If a flat rate exceeds the fee, the rebate will still be added. Fees are added based on highest priority and not additive.

Adding Rebate Settlement Lines

Admin/General Setup/Settlement Type Defaults

A settlement line is needed for each rebate that is given based on another settlement fee on a file. In this example a rebate line is created for the lender’s premium settlement line where the title company is rebating a credit from their portion of the premiums charged.

Copy from an Existing Settlement Line

  • Select Miscellaneous Title Charges or another appropriate line and click Copy.
  • Click Yes to confirm copying the settlement line.

Edit the New Settlement Line

  • Select the new settlement line created and click Edit.
    • On the Property panel, Add or Edit the PartnerTypeID property to select the Default partner type from the dropdown menu as the partner giving the rebate.
    • On the General panel, update the Settlement Statement Line name to describe the new line.
    • On the Language panel, enter an Item Description to display on the settlement statements and closing statements.
    • Click Save.

Add the Rebate Property to the Existing Settlement Line

  • Edit the settlement line that will cause a rebate to be added to the file. In this example, the Lender’s Coverage fee.
    • On the Property panel, click Add and select the RebateSettlementTypeID property from the dropdown menu.
    • Select the Default settlement type from the dropdown menu that will show the rebate on the file.
    • In this example, Lender’s Premium Credit, the new settlement line created in the above step.
    • Click Close, then Save, Save.

NOTE: Repeat the above steps to for each rebate line needed. A rebate line can only add a credit based on one settlement line. If the rebate exceeds the fee charges, the rebate will still be added.

On a File

Settlement/Title Charges

This example is showing a Butler rebate credit from the title company and credited to the buyer for lender’s title Insurance. The rebate rate set at the state level is 35%.

Reports

HUD Lines report

View/Reports/HUD Lines

A report can be generated to include both the settlement lines containing the original fee and the rebate given. The following example is displaying the CD Settlement Types selected in the Enter Criteria area. This report will include the File number, Product, Client, Buyer/Seller, and Property Address.

Search Policy Report

Search/Policies (Ctrl+Shift+O)

To assist customers doing business in the state of Florida, Resware has a report available that provides information required to complete the annual Florida “data call”. This report can return the following information if all the columns are displayed in the Search Results grid:

BorrowerCodeCommon Settlement IDConsideration Discount
Easement Start NumberEffectiveFile NumberFile IDInterest
Is ProformaLegalLien Start NumberMortgage DateMortgagor
NAIC CodeOffice IDPolicy FormPolicy NumberPolicy Form ID
Policy Issued IDPremiumPremium Discount DescriptionPrimary PropertyPrior Policy Date
Prior Policy AmountPrior Policy ConsiderationPrior Policy NumberPrior Policy PremiumProduct
Product Type IDProperty CityProperty StateProperty StreetProperty Zip
Proposed InsuredRateRate Type IDRemittance AmountStatus
Tax YearTime FrameTransaction Type IDTypeTyped
UnderwriterUnderwriter IDVestingVoid DateVoided by General User ID
  • In addition, up to six settlement type columns can be included in the report by clicking on Include and selecting additional settlement types.
  • Once the columns are selected as needed, click Search to return the results.
  • Click View as Report to open in the Report Viewer.
  • Select Export, Excel, and Data Dump to open the spreadsheet and edit as needed.
Updated on April 28, 2022

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