Closing Phase

The amount entered in the Application Phase does not default to any page when the transaction is switched to the Closing Phase. Any items that make up these totals in the Application Phase (and any additional amounts), with the exception of the Sales Prices entered for each piece of collateral, should be entered on the Closing Disclosure page under Adjustments with Existing Debts Being Satisfied selected. Such items will be considered in the Down Payment/Funds from Borrower and Funds for Borrower calculation.

Alternatively, additional disbursements may be entered under Adjustments with Existing Debt Being Satisfied unselected, in which case these amounts will be considered in the Adjustments and Other Credits calculation.

Note: With the February 2017 Release, users have the option to combine the Total Existing Debt Being Satisfied and Payments to 3rd Parties Not Disclosed in Total Closing Costs fields into a single field labeled Disbursements Not Disclosed in Total Closing Costs.

If this option is used, the value entered in Disbursements Not Disclosed in Total Closing Costs is used for both the Total Existing Debt Being Satisfied and Payments to 3rd Parties Not Disclosed in Total Closing Costs values.