SYMPTOM
Total closing costs or estimated funds needed to close do not calculate correctly.
CAUSE
- Some fields may been unlocked, which will cause Point not to calculate the total of the fees because the lock box has been clicked (showing an open lock).
- The Paid by Other field has an invalid amount entered.
- A Closing Cost Scenario is causing the calculation error and should be deleted and re-created
RESOLUTION
Lock all boxes that have a lock icon
- Scroll to the bottom of the Fees Worksheet.
- Be sure that all fields with a lock symbol next to them do not have the lock selected (open), and that the field is grey.
Locking all the fields with a lock box will force Point to recalculate the total based on the figures that are entered on the Fees Worksheet.
Check for an invalid amount in the Paid by Other field.
If it is not, click the lock box next to the field and remove the amount if it should not be calculated or enter the correct amount of fees that are paid by an entity other than the borrower.
Most commonly this calculation error occurs when you copy an old file to start a new one.
- Go to the Fees Worksheet.
- Scroll to the Closing Costs & Prepaid Items Summary section towards the bottom of the form.
- Locate the Paid by Other field.
- Check the amount to be sure it is accurate.
Check for invalid Details button next to the fee amount
There is a Borrower button in the Paid By column on the Fees Worksheet for every fee field. If any of the Borrower buttons display Details, then there is a miscalculation with the closing costs.
You can import an existing closing cost template to fix the affected file. Importing a closing cost template will change the buttons to Borrower and fix the calculation; however, in doing so it will also remove all the fees and replace them with the closing cost scenario fees. Please read below to understand how this calculation error occurs.
How did this miscalculation occur with the Details button?
There are three basic causes for the calculation error caused by the Details button.
- This can occur by someone opening files with an earlier version of Point and then someone else is reopening the file with a new Point version.
- It can occur when using a Closing Cost Scenario that is corrupted
- It can occur when creating files from a Master Template that is corrupted.
Using old versions of Point.
Older versions of Point do not have the same fields or calculations on the Fees Worksheet as the current version of Point. Most commonly this occurs when you are using PointCentral and there is someone that has an older version of Point installed at home or on an out of office computer.
They may access files from that computer with the old version of Point, causing the calculation error. Please be sure that every one that has the ability to open Point files are on the latest release.
Check your Point version by going to Help > About Point.
A Corrupted Closing Cost Scenario.
A corrupted Closing Cost Scenario can cause this miscalculation of closing costs to occur, and repeatedly occur, as you are constantly using the closing cost scenario for new files.
A good way to check if a Closing Cost Scenario is corrupt is to:
- Open a file that displays the Details button next to some or all fees on the Fees Worksheet.
- Take note of the name that is in the Closing Cost Scenario field.
- Then close the file and open a new, blank borrower file not from any template.
- Go to the Fees Worksheet and notice that the button next to each fee is Borrower.
- Now import the same Closing Cost Scenario that was used on the affected file.
- If some or all of the Borrower buttons change to Details, then the Closing Cost Scenario template is corrupt and should be deleted and recreated.
You may want to run this test on all Closing Cost Scenario templates.
A corrupted master template.
This can also occur from a master template. If you use master templates to default information when you open a new file, the master template could also be corrupt.
A good way to check if a master template is corrupt is to:
You should run this test on every master template that is used.
- Click the Templates tab from the left navigation panel.
- Select the Prospect Master or Borrower Master option.
- Double-click on the template that you used to create the affected file.
- Click Forms from the menu bar and select Fees Worksheet.
- If any or all of the Borrower buttons next to each field display as Details, then the template is corrupted and should be deleted and recreated.