Overview
This demonstrates how to automatically split a portion of a CD/HUD fee with another partner of a specified partner type.
Name the Split
Admin/Partner Related/Services Provided
- Determine the type of service that for which a split should be available.
- Enter the name of the service
- Click Save.
Create a Settlement Fee Group and Add a Split
Admin/Partner Related/Settlement Fee Groups
- Click Add.
- Enter a Fee Group Name for the new group. This is used to identify the group.
- Select the product, state, and county group to which this fee and split should be applied.
- Select Default for all those areas if the fee should always be added when this partner is on the file, regardless of location or product type.
- Highlight the Fee Name of the fee that should have the split and click Edit.
- Enter the Fee Amount, if the fee is being brought onto the file by this partner.
- Select the default Partner Type that should be displayed on the settlement line, if it’s something other than the partner bringing in the fee.
- Click Add in the Splits section.
NOTE: The splits will not work when using Misc. 1103 or Misc. 1104 lines on a CD. If there is not a fee that matches what is needed, one option is to create a dedicated settlement type default line under Admin/General Setup/Settlement Type Defaults.
- Select the type of split in the Services Provided dropdown.
- If the split is contingent upon a consideration amount, set the values in the Consideration section.
- If either From (lower) or To (higher) amount are set, an Of value needs to be selected. The Of selection tells Resware which type of consideration to use.
- If these values are entered, the consideration on the file will need to fall within the specified range to calculate this split.
- Enter the type of Calculation that should be used to calculate the split.
- If more than one option is selected, the selected options will be added together.
- This can be a Flat Fee amount, a Percentage of a total, or a Percentage based on a Rate Table.
- Flat Fee: Use this if a standard amount should be charged. If this is used, the Based On selection is irrelevant.
- Percentage: This will calculate an amount based on a percentage of the Based On selection.
- Rate Table: This will allow the split to be calculated based on a percentage of a title premium rate table.
- Select a Based On option.
- Resware will use this selection, in combination with the calculation setting, to calculate the amount of the split.
- Premium: This will calculate based on the premium on the file.
- Basic Rate: This will calculate based on the basic rate on the file.
- Consideration: This will calculate based on the specified type of consideration.
- Resware will use this selection, in combination with the calculation setting, to calculate the amount of the split.
- Select any other applicable options.
- Split Include Remittance: If this is checked, the remittance amount set on the underwriter on the file will be added to the split. This option will only apply to lines with remittance amounts.
- Subtract from Agent Portion: This option will only apply if the file is a HUD 2010 file. If checked, the split amount will be subtracted from line 1107, which is the agent’s portion of the funds. An item will also be added to the HUD on an available HUD line, 1109 to 1116. This may be selected if another title company is doing work on the file and the state requires disclosure of who is being paid.
- Issuing Agent Percentage: This field was designed for the Texas Department of Insurance. The Issuing Agent is also known as the Closing Agent. This field is informational only and has a merge field for documents.
- Provider Percentage: This field was designed for the Texas Department of Insurance. The Provider is also known as the Title Provider/Examining Agent. This field is informational and has a merge field for documents.
- Accounting Code: The default accounting code for this split, for use with exporting information to third party accounting systems.
- Disclose on Statement: If this is selected, the settlement statement will show the amount being paid for this split.
- Enabled: This allows the split to be disabled without deleting it. This may be necessary if the split is in use on a file, as it can’t be deleted once it’s in use and must be disabled instead.
- Auto-Add: If this is selected, this split will be added when a file is created with this partner on it.
Add the Settlement Fee Group to a Partner
Admin/Partners/Edit Partner
- Edit the partner that should have the group and click on the Vendor Management tab.
- Click Settlement Fees
- Select the Partner Type of the partner that should be used to bring the fees onto the file.
- Select Combined Fees.
- Click Add.
- Select the settlement fee group.
- Click Save.
Example on a File
When the partner with the split is added to a file, the settlement fees and splits defined above will also be added to the file.
