Uni Comp Real°Pac Office Glossary of Terms

GLOSSARY OF TERMS
REAL°PAC OFFICE & LOAN°PAC OFFICE

Listed below is a brief glossary of terms used throughout the Real°Pac Office and the Loan Pac°Office system.

Phases The lifecycle or workflow cycle of a transaction is divided into 3 distinct stages: PreClosing or Phase A, Closing or Phase B, and Post Closing or Phase C.

Phase A Preclosing This is the phase where you enter general information about the transaction and print requests for surveys, plot/plat plans, title exams, payoff figures, as well as letters to borrowers, sellers and commitments.

Phase B Closing This is the phase where you enter financial information and calculations that make up the HUD/RESPA. Print the Settlement Statement, Truth-in-lending disclosure statement, Good Faith Estimate, mortgage, riders, notes, any and all documents the lenders need and/or that you use.

Phase C Postclosing This is the phase where you enter title insurance policy and recording information. Generate and print title insurance policies, endorsements, and any other post closing documents.

Section A logical portion of a phase which is further divided into steps. Each Phase has a number of section "tabs" so you can easily jump to the desired part of the system as needed.

Steps Screens containing various text fields organized into Sections and Phases. Each phase contains a list of steps so that you may easily jump from one step to another.

DocSets All of your documents for all phases, are organized into "sets" typically one per lender, lenders may share physical documents on your hard disk but still be identified as distinct entities. In addition, various sets or types of loan programs may be defined, here with their corresponding documents.

Package Editor A module where you enter and revise information and print documents.

RESPAC™ A module where you enter your closing information directly into a spreadsheet window.

Pac°File A file that stores information for each real estate transaction.

Document Version A document which has different variations based on certain criteria. For example, you may have different borrower letters for purchase, refinance, second mortgage and/or equity transactions. In this instance you would have 4 versions of a borrower letter. Another example is the truth-in-lending disclosure statement where you may have various versions or types of documents based on the type of loan, e.g., fixed, 1 yr, 3 yr, etc.

Lender A banking institution, credit union or other designation that may or may not have a unique set of forms and documents. A lender may also have various types of loan programs with corresponding sets of documents, calculations, and reporting requirements.