You can set up the Title and Escrow Tables with the fees charged by the companies with which you do business. This article includes the following topics:
- Completing Title or Escrow Tables
- Using the Title or Escrow Table
- Where do I get the Up to, Base, and Factor from?
Completing Title or Escrow Tables
The following example shows the following configuration:
- $5.75 for every thousand dollars for any loan amount up to $50,000.
- $5.25 for every thousand dollars for any loan amount up to $100,000.
- $5.00 for every thousand dollars for any loan amount up to $250,000.
- (For Title Tables) Utilities > Title Tables > Lender's Policy Purchase or Lender's Policy Refinance.
- (For Escrow Tables) Utilities > Escrow Tables > Purchase or Refinance. From the Menu bar, select:
3. In the Table: field, enter the name of the Title or Escrow table.
4. In the Based On dropdown list, select whether the table is calculated from the Loan Amount, Appraisal Value, or Sales Price.
5. Click Add...
6. Enter the first loan amount range in the Up to field.
7. Enter the flat fee, if any, into the Base field. If there is not a base, enter0. (The Base is a flat fee charged by the title or escrow company for the loan amount range.)
8. Enter the amount charged per thousand dollars in the Factor field. If there is not a factor, enter 0. (The factor is the amount charged for every thousand dollars, converted to a decimal by dividing the dollar amount by 1,000.) For example:
- $6.00 for every thousand dollars would be converted to .006
- $5.75 for every thousand dollars would be converted to .00575
- $5.25 for every thousand dollars would be converted to .00525
9. Click OK.
The Range calculation appears in the Title or Escrow window.
10. Click Add to add the next set of loan amount ranges, base, and factors.
11. Repeat step 11 until you have entered the entire table
12. When you are finished, click OK. The table should look similar to the table below.
Using the Title or Escrow Table
- Open the Point file.
- Go to the Good Faith Estimate.
- Scroll to the 1100 series section.
- Click the Table button on line item 1101 for Escrow Tables or 1106 for Escrow Tables.
- Select the table and click OK.
Where do I get the Up to, Base, and Factor from?
The Escrow or Title company will give you a table with the calculations that you will enter into Point.