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Remittable Settlement Fee Lines

Contents

Overview

This demonstrates how to create new settlement statement lines that will be used for remittance purposes.

Creating a New Settlement Type

Admin/General Setup/Settlement Type Defaults

  • Select an existing settlement type and use the Copy button. If Copy isn’t enabled, the line selected is not copy able.  The new settlement type will be displayed as Copy – [Original Name].
  • The following settlement types can be copied:
    • Buyer Credit
    • Seller Credit
    • Buyer Credits Seller (Prorations)
    • Seller Credits Buyer (Prorations)
    • Buyer Payoff
    • Additional Payoff
    • Misc 801
    • Misc 802
    • Misc 1101
    • Misc 1102
    • Miscellaneous Escrow Charges
    • Miscellaneous Title Charges
    • Miscellaneous Recording Charges
    • Miscellaneous Transfer Charges
    • Miscellaneous Settlement Charges
    • Any type created by copying an existing type

  • Select Yes.

  • The line will be copied and added as Copy – [Original Name].
  • Find the line, highlight it, and click Edit.

  • Change the description in the editable portion of the HUD Line box.

  • Select Title Charge Specific tab.

  • Check the Remittable box.  This will tell Resware that this line should be available as an option for a remittance calculation in the underwriter remittance setup.
  • If the line should be associated with a policy type (e.g. lender’s premium tax would be remitted when the lender’s coverage is remitted), select the policy in the drop-down.
    • This is not a requirement. Some fees that may be remittable, like CPLs, may not be linked to a specific policy.
  • Click Save.

Adding the Remittance Calculation

Admin/Partners/Edit/Underwriter

  • Search for and edit the underwriter partner. Click the Underwriter button in the Partner-Specific Data section.
  • Select the State and click the Add button.

  • Select the Other radio button and select the appropriate settlement statement line from the dropdown menu.

  • If the calculation should be based on a consideration range, enter the range in the From and To boxes in the Consideration area and select the type of consideration on which it should be based.
    • Typically this is left blank and set to Default.
  • Enter the calculation information in the Calculation section.
    • If a flat rate should be remitted, enter the amount in the Flat Rate field.
    • If the calculation is based on a dollar per thousand calculation, enter the amount in the Per Thousand field.
    • If a percentage of the amount or the whole amount should be remitted to the underwriter, enter the percentage in the Percentage field.
    • If the remit amount is based on a different rate table that the premium amount, as is the case in Florida, select the rate table(s) from the Rate Table Percent and Discount Rate Table dropdown menus and enter the percentage of the rate table that should be calculated.
  • Click Save.

Adding the Remittance Split to the Settlement Statement Line

  • Edit the existing fee group used for remittances
    • This is typically named something like “Remittances.”
  • Select a product. If this fee is charged the same on all products, select the Default product.
  • Select a state. If this fee is charged the same on all states, select the Default state.
  • Highlight the fee and click Edit.

  • Enter the fee amount.
  • Click Add.

  • Select the Service Provided that is used for other remittances.
  • Check the Split Include Remittance box.
  • Make sure Enabled and Auto-Add are checked.
  • Click Save.

Updated on April 28, 2022

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