Power Closer Updates
On this page:
See also these pages:
Users who wish to continue using the old Power Closer 3 as well as Power Closer 4 should update to the final release of Power Closer 3.
Customers may phone us. We must be able to identify you as a customer. Thank you.
If you have been maintaining Annual
Support, you can download the Power Closer update
available in the updates area. Licensed users of Power Closer 4 may download
updates from our website without additional cost in the coming weeks.
Power Closer 4
Licensed users of Power Closer 4 may download this cumulative update without additional cost.
Released December 27, 2010. Corrects the tab order for the Settlement Agent
address. Avoids a problem where uninstalling Power Closer 3, Power Closer 4, or
the 1099 Annual Report program can sometimes unexpectedly delete the Power
Closer databases. Begins changes to the word-processing merge feature that correspond to
certain changes in the RESPA regulations, while providing an option to export backward-compatible data
to accommodate existing forms.
Licensed users of Power Closer 4 may download this cumulative update without additional cost.
Released September 14, 2010. Corrects duplicate printing of settlement agent name in HUD-1 Block H. Corrects printing of line 1302 borrower amount on the comparison page.
Released August 16, 2010. The user can individually select which pages of the HUD-1 to print at the time of printing. The place of settlement and the settlement agent address are separately displayed and printed. The disbursement date is displayed next to the date of closing in the interface.
Released July 8, 2010. The principal amount of the loan can be shown on line 202 outside the column when it is a principal limit rather than an amount to be credited to the borrower at closing.
A correction was made to the way that descriptions on lines 805, 806, and 807 of the HUD-1 form were printed.
Released June 21, 2010. Lender can cure transfer tax violation by contributing a POC amount in the 1200 section. The six checkboxes at the bottom of the Loan Terms screen are rearranged to conform to the layout of the printed form.
Released June 8 and June 10, 2010. New warning when screen is set below the minimum supported resolution of 1024 x 768. Code corrections for text entry error on lines 801 and 803 and for an error that could occur when using line 1206 calculation screen.
Released June 7, 2010. This adds HUD-1 lines 1207 and 1208. Line 1206 is reserved for transfer taxes, and a transfer tax calculation button is added. Any recording fees previously entered on line 1206 are moved to line 1207 and the user is so advised.
In the 1000 section, the monthly amount for escrow deposits can now be entered with four decimal places of accuracy.
The online help is updated to describe the new features. The user can now page up and page down to navigate into, through, and out of the Comparison screen. This release formats percentage amounts in the Loan Terms with four digits of accuracy. It checks that the code version is compatible with the database version. It fixes a problem that could sometimes throw the closing out of balance when clicking on POC items. It fixes a problem that could prevent printing the comparison chart. It makes cosmetic changes to line 703, and to the 1200's section.
Released April 2, 2010, this release prints a negative numeric amount for the percentage increase on the comparison page instead of printing the words "No Increase" or "NA". It also updates the built-in help file for Power Closer 4 to cover new features and screens.
This release also fixes ability to click on POC fields on the 900's screen to invoke the POC window. It fixes possible errors when using the last two check boxes in the loan terms section. The setup routine is modified to never attempt to install a user-created zero-byte license file over a good one. It fixes a "Control array element (xx) doesn't exist" error that happened when using Ctrl + Arrow keys on the bottom half of screen 2.
Released March 29, 2010. If the settlement agent phone number is short or missing, this release gives a warning during setup of site options: "Warning, Settlement Agent Phone # should contain at least 7 digits Select OK to enter Phone # now, or Cancel to skip."
This release also fixes the centering of the printout of Page 3 of the HUD-1 form, which was printed off-center on some printers. It fixes some spurious check creation on Lines 1005-1007, 1104-1107, that happened when changing the text descriptions for those lines. It fixes a runtime error when deleting the $ per month amount on line 1007. It fixes the saving of text from the lookup screen for lines 1107, 1108.
Released March 22, 2010, this release formats interest rates in the Loan Terms section of the HUD-1 form to four places to the right of the decimal point, including trailing zeros. Radio buttons for lines 206/506-209/509, formerly hidden initially, are now always visible.
Released March 16, 2010, this release lets a lender credit to cure tolerance violation that was entered in the 200's section on page 1 of the HUD-1 to be optionally reflected as a credit in the comparison chart on page 3. This release reinstates the printing of the total commission on line 700 of the HUD-1 form. This release also fixes a problem involving POC amounts on line 1204 and 1205.
Released February 26, 2010, this release fixes a problem where the loan term did not print correctly when it was not a whole number. It also fixed a problem that could prevent an initial installation of the program from scratch.
Released February 25, 2010, this adds a feature that helps the user to split HUD line 1101 into two parts, one for lender’s title insurance and one for closing fee, so that if the borrower shops for one but not both, then in that case one part of line 1101 appears in the second comparison section and the other part of line 1101 appears separately in the third comparison section.
When there is no increase between the GFE amount and the HUD amount, the percentage is changed from "NA" to "No Increase". The loan term is no longer limited to a whole number, and can be entered as a decimal, e.g. 5.5 years. Also, the following fixes were implemented. When using the 1500’s schedule, the 1500 line description was incorrectly appearing on line 1307, and now appears correctly on line 1310. Fixed the check marks on the GFE totals screen so that a check mark shows up for a zero total when zero is the total. A fix prevents the program from crashing when the user clicks a POC label immediately after entering a non-numeric amount in a numeric field. Fixed several items that failed to display properly at various screen resolutions. Fixed an error that sometimes prevented creation of the database during installation.
Released February 17, 2010, this adds a schedule of additional disbursements. This feature existed in Power Closer 3, and is now reinstated in Power Closer 4. To use this feature, check a checkbox that now shows up on line 1300.
Released February 12, 2010, this enables amounts entered on Line 1206 to be included in GFE #7 on 1201 and GFE # 8 on 1203. On Line 807 Flood cert, this removes duplication of word "to" prior to the payee name. This release adjusts the appearance of the Loan Terms screen for better display on various screen resolutions.
Released February 8, 2010, this fixes a problem that could cause an out of balance discrepancy on line 1201, and it removes from line 1008 the improper printing of "months @ $" and "per month". This release also makes the following improvements: It re-instates the printing of up to 4 digits after decimal for line 901 daily interest per diem, and re-instates printing of up to 4 digits after decimal for lines 1002-1006 for the per month amount. Those lines still calculate rounded normally into the Left amts.
Released February 4, 2010, version 4.0.12 fixes two errors. The first of these involves a "Transaction State Error" that could occur when editing the "Sect" field in the 1100's section. from "B" to "C" and vice-versa. The second fix involved a problem where the program could crash when entering "too big an amount" on line 1202 in the seller's column.
Released February 1, 2010, this update fixes a problem where a left of column amount that had been split into two or more checks, and then deleted, would wrongly survive as disbursements in the balance sheet. Fixed print of text, HUD P. 2 lines 801, 802, that was printing over the LOC amount. Fixed GFE print or preview, line 808 showed as Tax Service instead of Flood Certification Fixed POC printing for lines 901 – 903 which was printing over the Borrower’s column. Fixed code that could crash the program while looking up data in the 1100 section. Fixed printing of lines 1107 and 1108, to correct the text and prevent overprinting of amounts. Fixed page 3 printout to correct the spelling of "baloon" to to read "balloon".
Released January 21, 2010, this update corrects the description printed on line 807 by removing reference to Tax Service.
Released January 20, 2010, this fixes spurious check amounts showing on the Balance Sheet for lines 1201 and 1203. This update also repositions the settlement agent phone number in block H by moving it up a line and shifting it left.
Released January 11, 2010, this version makes a number of cosmetic fixes and minor enhancements in response to user feedback.
Released December 17, 2009, this release restores the word processing merge feature that had been temporarily turned off.
Released December 14, 2009, this was the first general release of Power Closer 4 to provide the 2010 HUD-1 form.
Power Closer 3
Released December 27, 2010. Avoids
a problem where uninstalling Power Closer 3, Power Closer 4, or the 1099 Annual
Report program can sometimes unexpectedly delete the Power Closer databases.
Power Closer 3.3.04 fixes a
problem where selecting the Quicken/QIF option on the Site...Accounting Setup
screen results in the option reverting back to QuickBooks. The problem first
appeared in Power Closer 3.3.00 beta.
Power Closer 3.3.03 fixes a problem encountered only in Power Closer 3.3.01 when entering the Type Of Loan on Windows versions prior to Windows XP.
It also prevents a problem that can cause any prior version of Power Closer to wait for input when running together with Trend Micro ("PC-cillin") Internet Security starting with its 2008 version if that antivirus software is not properly configured.
Power Closer 3.3.03 runs with Windows 95, 98, Me, NT, 2000, XP,
Vista or Windows 7.
Power Closer encountered a problem running under Windows Vista because of Vista's User Account Control (UAC) feature. Power Closer users who run Windows Vista should update to Power Closer 3.3.01, which addresses that problem. Power Closer users who run Windows Vista or Windows 7 should also update the 1099 Report program for Tax Year 2006 if they are still using that program to report 1099's to IRS.
Power Closer 3.3.01 runs with
Windows XP, Vista or Windows 7.
Power Closer's 1099-S Reporting Exemption is updated in accordance with IRS Revenue Procedure #2007-12. Power Closer's 1099-S Reporting Exemption is the form that a transferor may sign upon the sale or exchange of a principal residence in order to relieve the settlement agent from liability for not reporting the transaction to the IRS. More about this ...
The 1099-S Reporting Exemption is also affected by changes to handling of the
Brief Legal Description, below.
The Transferor Copy of Form 1099-S is updated.
Also, when you delete a seller name, any 1099 record associated with that seller is now automatically deleted. This should avoid the need to manually delete the 1099 in cases where an existing sale closing is copied to a new closing for a refinance or second mortgage.
Form 1099-S is also affected by changes to the Brief Legal Description, next.
When you elect to use the brief legal in place of the property address, Power Closer now appends the City, State and ZIP code fields from the property address, if present, and truncates the brief legal as necessary at the point where the brief legal description would otherwise overflow the space reserved for the property City, State and ZIP fields, in the following places: 1) HUD-1, 2) Form 1099-S Transferor Copy, and 3) 1099-S data reported to IRS by the separate Power Closer 1099-S Annual Report Program.
If you are accustomed to entering the City, State and ZIP on the brief legal description screen, then you should now enter that information only in the City, State and ZIP fields at the bottom of the Address screen, below the street address fields, to avoid duplication.
Power Closer data entry screens are updated in accordance with the changes.
A new Checklist message warns if the property City, State or ZIP are missing.
It was possible for Power Closer to crash on the Broker Commission part of
HUD-1 data entry, if the POC field was used on line 704. The result was runtime
error 340, Control Array Element [x] does not exist, ([x] could be 8 or 10).
This is fixed.