Updated: 07 February 2022
Applicable to: Banks and panel members
Resources: Help Card
Enable auto calculation in Workspaces to automatically calculate and adjust the vendor surplus amount.
The below information is relevant when the Practitioner representing the Proprietor on Title is responsible for handing vendor surplus.
In this section:
Turn on auto calculation at Subscriber level.
Once auto calculation of vendor surplus is enabled in the Admin Tools by the Subscriber Manager, the Practitioner in the role of the Proprietor on Title can choose to enable this feature in any Workspace. Note: the Mortgagee on Title must be in the Workspace for this feature to appear.
Generally, it’s a good idea to set up your auto calculated vendor funds financial line item after the you have confirmed the Balance due to Vendor/ Amount due on Settlement (terminology varies with jurisdiction) with the Incoming Proprietor’s representative and you have added your adjustment line items.
Once this has been completed you should proceed with setting up your auto calculated vendor funds line item.
For Allow any amount – Selecting this option will maintain your signature as the vendor surplus amount automatically calculates.
Note: if your Subscriber settings are configured to ‘always unsign’ (see point 4 in enabling auto calc section in the settings) you will unsigned if the vendor surplus changes after signing. Contact your Subscriber Manager if you need to change the Subscriber Settings.
For Minimum expected vendor surplus - select this option if you want the settlement statement to be unsigned if your automatically calculated vendor funds line item falls below the amount you enter here.
Note: If the auto calculated vendor funds falls below the minimum you set and you are unsigned you will need to update your minimum or contact the lender before being able to resign.
Once these figures are in the Workspace then the auto calculation of vendor surplus is active.
You will see that the Vendors funds turns green to indicate this.
Destination line item
As new destination line items are entered or edited the vendor funds item will fluctuate.
You can sign the settlement statement when you are ready. You remain signed depending on your settings.
If you have set a minimum expected vendor surplus then you will be unsigned if the vendor funds falls below this amount. In this case you will need to update your minimum or contact the lender to update their line item before being able to resign.
The main benefit of auto calculation is that if you have set your Auto Calculation of vendor surplus to ‘Allow any amount’ on the Maintain Auto Calculation of vendor surplus screen then you can sign the settlement statement and don’t have to worry about monitoring it as the vendor funds will automatically adjust if you or others Workspace Participants make last minute adjustments to destination line items.
If you’re a Practitioner (who represents Proprietors on Title) and you want to be unsigned when the Mortgagee on Title’s Auto calculating vendor funds line item is updated then get your Subscriber Manager to update the setting in Administration Tools > Maintain Auto Calculation.
If you have selected to be unsigned, you will notice the following occurs if the Mortgagee on Title's auto-calculated vendor funds line item is updated after you have signed:
If you have selected to remain signed, you'll be notified in the following ways:
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