These materials are for the HUD – 1 closing statement form.
I want every student to work with HUD -1 on Excel and have a visual aid that can be used in practice. The Excel version is superior to the official PDF, because you can create totals. If you can do the Excel, you will not get stuck on doing and redoing the math when there are more costs than in our sample one.
A supervising attorney can, for a price, buy a product that creates the PDF version, with automatic totals and subtotals, but it is not actually necessary if the lawyer is smart enough to hire a paralegal graduate who knows how to do the figuring on Excel. Be that paralegal. 🙂
Basically, about 90% of the difficult parts have been done for you in PDF form and the Part L with deleted row version of Excel. We are using the J and K part PDF only for an example. Do not type on it., Type on the student revised Excel HUD-1 upload below and make it a complete HUD-1.
The goal is to transfer it into an Excel Workbook and make sure you enter the subtotals and totals correctly. Instead of starting from scratch and trying to draft a closing statement free hand, you are learning by typing one and by proofreading and verifying totals. This is simple, but does track what you would do in a law office. I actually went to a current law office and talked to one of the lawyers to “talk real estate” and make sure that this will advance you as if you were learning on the job and it does.
You will have to avoid being distracted by the row numbers in the Excel, such as row 36, and use the actual line numbers from the official HUD -1 form, such as line 200. The officialHud-1 does not use letters for columns, so I refer to columns B and C that are in Excel.
On the first page of your Excel, 301 C, which is C60 on part J, it should be the same as line C120, not C200 as I showed in the box. C200 is a blank cell. Don’t use it. Use the one right above it is C120.
Ken Sell assisted in coming up with the formula to transfer a total from the second sheet L to the first sheet J or K.This helps you take something from this course that will work in practical legal work, and expands your skills.
You need to make sure you did not change the name of the second sheet. I named it L of Hud-1 and the exact typing matters. If you changed it, change it back, please.
To make C 103 of part J the same as B 1400 on L, do this.
Make sure you used the correct formula so B 1400 uses the Excel row numbers and not the official Hud numbers. So =sum(B6:B59) will give you the sum of all numbers in column B. Type that formula into B60. This cell is officially the borrower total of costs on line 1400 in Hud part L.
Then, go to C103 and type this formula, using single quotes where shown and an exclamation mark where shown. Note that official form C103 is C25 in Excel. Go to C25 and type the following formula. Type this, starting with the equal sign:
=’L of Hud-1′!B60
The formula tells Excel which sheet to go to, which we have called L of Hud-1 and it uses single quotes for it. Then, the exclamation point tells Excel to duplicate the next cell reference, which is B 60. (We are just duplicating a number from one cell to another, not doing a sum. That is why we did not type sum.)
I made an error in using line 1102, Cell labeling it as homeowner’s insurance instead of Settlement or Closing fee, but the math does not change. Use $500. You do not need to correct the label for class purposes, but I am letting you know so you can get it right as a “take away” form.
Below is the closing statement corrections that my professor did in a word document. But finished work must be in an excel document. Hope this isn’t confusing for you as it is for me! My loan amount is $180,000 if you need that.