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      2309 Entering Aggregate Adjustment for HUD 1

      When you set up the Escrow Account from the Utilities menu, Point can use this information for every loan. This article contains two sections: 

      • Calculating escrow for an individual file
      • Setting defaults for escrow payments

      Calculating Escrow for an individual file.

      6 months of taxes are due in April and another 6 months of taxes are due in November or 12 months of hazard insurance is due in June. If you want to exclude any column from the Aggregate Accounting, check the Exclude checkbox at the bottom of the appropriate column.

      Note: When using the escrow table to calculate the Aggregate Escrow Fee on the Fees Worksheet, remember to exclude any items that are not being escrowed; otherwise the Aggregate Escrow Fee will not calculate correctly.

        1. Go to the Fees Worksheet.
        2. Enter the 1st Payment Date on the upper right of the form.
        3. Scroll down to 9. Initial Deposit for Your Escrow Account.
        4. Click the Aggregate Adjustment button.
        5. Enter the amount of months that are collected for each item that is escrowed and click OK. (The months collected at closing will automatically calculate).
        6. Click the Aggr Escrow button located at the very bottom of the screen.
        7. Enter the Servicer information.
        8. Click the Calculate button. This brings up the Initial Escrow Account Setup screen again.
        9. Verify that the setup is correct.
        10. Click OK. The screen should now show all the correct disbursements.

         

        Entering default values for Escrow Accounts

        6 months of taxes are due in April and another 6 months of taxes are due in November or 12 months of hazard insurance due in June. If you want to exclude any column from the Aggregate Accounting, check the Exclude checkbox at the bottom of the appropriate column.

        For information on completing the Aggregate Adjustment, refer to knowledge base article 2308 Completing the Aggregate Adjustment on the Closing Disclosure

          1. From the menu bar, select Utilities > Company Defaults > Escrow Account.
          2. Complete the applicable fields that will apply as the default settings. Enter the amount of months that are collected for each item that is escrowed and then click OK.