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Power Closer HUD-1 Form Software

Features of Power Closer real estate closing software

 

Power Closer real estate closing software is designed for attorneys, title companies and others who provide residential settlement services. This software package produces high-quality settlement documents, quickly and easily.

An on-line help system and User Guide are included, but most people rarely need them. Power Closer follows the standard Windows interface and it's both powerful and extremely easy to use. Take a few minutes to run the demo and see for yourself.

The following documents are printed directly by Power Closer:

  • HUD-1 settlement statement. Please note that Power Closer 4 does not presently print the HUD-1A form.
  • Escrow trust account balance sheet
  • Borrower/buyer settlement statement and confirmation
  • Seller settlement statement and confirmation
  • Seller 1099's and taxpayer ID certifications
  • Seller certificate to avoid 1099 reporting

This closing software package works with any Windows compatible printer--laser, ink jet, or dot matrix. Laser printers require 2MB. The documents produced are good-looking and professional in appearance.

Power Closer performs these monetary calculations, any of which can be overridden if needed:

  • Net Lender check, include or exclude any disbursement
  • Broker commissions by points or percent
  • Split sales commissions by points or percent
  • Prorations: annual, semi-annual, quarterly, monthly
  • New loan principal and interest payment
  • New loan pre-paid (interim) interest payment
  • New loan origination fee, loan discount
  • Loan payoffs by seller
  • Seller-financed real estate transactions
  • Construction loan closings
  • Refinance transactions
  • Loan payoffs for refinance transactions
  • Recording fees, look up city/county/state calculations
  • Recording fees, payee is recalled by city/county/state
  • Transfer fees, look up city/county/state calculations
  • Transfer fees, payee is recalled by city/county/state
  • Refund check(s) for excess payment by buyer or seller
  • Monetary balances are continuously updated in real time

When the settlement date, sale price, loan disbursement date, loan amount or interest rate change, then each appropriate calculation screen is automatically re-presented. Each screen shows a recalculation for confirmation or adjustment. Prorations, loan payoffs, loan origination fee, loan discount, interim interest and transfer fees automatically recalculate.

Power Closer saves data continuously as you enter it, so you do not need to remember to manually save anything.

Template files let you pre-set any data on the settlement statement. Create new closings or templates by copying from any template or closing. You can create as many templates as you need.

  • Select the quantity of each document to print
  • Enter custom footnotes on HUD-1 page 1 or 2
  • Option to print HUD-1 signatures on page 2 or 3rd page
  • Option to print only buyer side, or only seller side
  • Option to print HUD-1 page 1 only, or page 2 only
  • Option to print HUD-1 with no amount totals
  • Custom certification (signature) text on HUD-1
  • Custom certification on Buyer and Seller statements
  • Custom text to solicit and certify taxpayer ID's
  • Option to print HUD-1 signatures on page 2 or 3rd page
  • Optional custom 3rd page addenda to HUD-1 statement
  • Option for schedule of additional disbursements on 3rd page

Power Closer's word processing software interface provides the right kind of tool for producing all your other closing documents:

  • Works with WordPerfect and MS Word
  • Spells the new loan amount and contract sales price
  • Spells the day, month and year of settlement
  • Fills in gender/number-specific pronouns and verbs
  • Creates signature line blocks for buyers and sellers
  • Exports over 800 items for word processing documents

A single screen in Power Closer simultaneously (1) prints multiple copies of Power Closer documents, (2) exports word processing merge data and (3) exports monetary data to your accounting system.

Power Closer works closely with several third-party accounting software systems, and includes these features for trust accounting and check production:

  • Interface to Quicken 98 through 2004, QuickBooks and QuickBooks Pro, and other accounting packages that work with  .QIF/IIF format.
  • Point and click to combine or uncombine disbursement checks
  • Point and click to split/unsplit disbursement checks
  • 'Retain in Escrow' option for post-closing checks
  • 5 lines of name and address for mailing checks
  • Payees on checks can be different from names on HUD-1
  • Check addressee names can be different from payee names

Closing templates can set up how HUD-1 line items are to be combined or split to produce disbursement checks. They also set up how a check to the lender is to be reduced by the funds retained by the lender who provides net funding. In templates, an item can be split by flat amount or by percent to produce new checks, or the resulting items can be combined into existing checks. The resulting checks and deposit items appear on the Balance Sheet, from which you could produce checks manually, and that information is passed through to bookkeeping software by the bookkeeping interface.

When you are ready to close (or on request), Power Closer displays a checklist warning you of up to 24 different types of missing or inconsistent closing data. More data-entry features are described next.

A 'file open picklist' allows locating a file based on the partial name of the borrower. For example, enter JO to see all open files where the borrower last name begins JO. The file open picklist shows filenames, borrower names, seller names and first lines of property addresses.

Data entry for buyer and seller names includes individuals, couples, partnerships, corporations and trusts. Multiple and alternate signatories are no problem. This includes combinations of up to 18 parties with up to 28 signatories.

Use the lookup pick list to select previously entered descriptions, names and addresses; no need to re-type. This includes multiple addresses for branch banks, broker offices, and multiple officer and agent names of banks and brokers.

Power Closer maintains a 'File Status' for every closing. The file status of a closing is one of the following:

  • Pre-closing, allows full editing
  • Ready to Close, optionally limits editing
  • Closed (or busted), disables all editing (but can be reversed)

The File Status incorporates these other features:

  • When file status is 'Pre-closing,' then the legend 'Pre-Closing Draft' is printed on the preliminary documents.
  • When marking a file 'Ready to close,' the system provides a checklist warning you of up to 24 types of missing or inconsistent closing data.
  • Files can be marked 'Closed' to disable further editing. Editing can be re-enabled, if needed.

When entering closing dates, access the Windows Calendar with one keystroke or mouse click. When doing calculations, access the Windows calculator. Copy data between other Windows programs and Power Closer using standard copy and paste functions.

Enter reminder memos by HUD line number for any closing or template. Mark any memo 'active' or 'inactive.' Active memos automatically display when opening a file or template.

The Database Manager provides closing file reports sorted by closing date, by buyer/borrower name, or by file name. The report shows closing status, buyer/borrower name, seller name, first line of property address and lender name. The Database Manager also finds user-entered text in property addresses and legal descriptions, searches for user-entered text in party names, and searches by tax ID number.

The DB-Manager utility program that comes with Power Closer Standard and Power Closer 2-User Site can move old closings from the database to an archive, and can also move them back into the database, by date range. It stores the archived closings in Power Closer's native .CLO format, which is the same format used for the "Copy Closing To/From disk" feature.

You can use Windows File Search feature to do full-text searches on the archived .CLO closing files (to locate closing or title files, for example).

An entry level system, Power Closer Jr., is available without the interfaces to word processing and accounting. Other separately available modules include IRS Annual Report Program (electronic file), annual upgrades and multi-user network support.

Compare features, price, performance and ease-of-use to Blackacre, dLegal, Doubletime, EasySoft, First Data, Landtech, Ramquest, REESA, SoftPro, Standard Solutions, Sulcas, Teamwork, Technovation, etc.

Power Closer real estate closing software can make your life easier. Do a couple of closings using the demo program and see for yourself.
 

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See also: Powercloser 4 for the 2010 HUD-1
 


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