You can add a Second Mortgage to your file for New or Existing Mortgages.
This article includes the following topics.
• Setting up a New 2nd Mortgage Loan
• Setting up an Existing Mortgage Loan
• Linking New 2nd Mortgage Loans
• Linking Existing 2nd Mortgage Loans
Setting up a New 2nd Mortgage Loan:
1. From the bottom of the Borrower Information screen click the Sub Financing button.
2. When the Subordinate Financing Information window opens, select the 2nd Mortgage is a New Loan.
• Click the 2nd Mtg button, to open the Edit Other New Mortgage Loans (1 of 1) window.
• Select Second from the Lien dropdown and complete the loan information.
• Select Save & Close button.
Note: This New 2nd Mortgage Loan flows over to section 4b Other New Mortgage Loans on the Property you are buying or refinancing.
Setting up an Existing 2nd Mortgage Loan:
1. From the bottom of the Borrower Information screen click the Sub Financing button.
2. When the Subordinate Financing Information window opens, select the 2nd Mortgage is an Existing Loan.
• Click OK.
Note: The Existing Loan amount will come from the Loan Application section 2c. Liabilities-Credit Cards, Other Debts, and Leases that You Owe. Any other mortgages or liens will be added together in 3a Property You Own-Sum of other Existing Mortgages for Subject Property.
• Navigate to Loan Application – 2 & 3 > Section 3: Financial Information – Real Estate and select the Subject Property to open the Edit Real Estate Owned (1 of 1) window.
• Be sure that Subject Property box is checked, and click Save & Close.
• Click the Match with Liability button.
• When the Match Liabilities & REO window opens, select Liabilities that apply from the Liabilities list, then click the Match button.
• Click OK.
Note: Navigate to the Borrower Information screen and click the Sub Financing button at the bottom of the screen. You will note that 2nd Mortgage and Sum of Other Existing Mortgages for Subject Property have been totaled. Point puts the first mortgage listed in liabilities and matched to the subject property as the 2nd Mortgage Existing Loan. The other mortgages or liens will be added together and put into the Sum of the other Existing Mortgages for Subject Property.
Linking New 2nd Mortgage Loans for New URLA
1. Click Sub Financing button.
2. Click Create Second Mortgage File button, then click Create New Second Mortgage.
3. In the File Name field enter a name that is different from the 1st Mortgage.
4. When the Second Mortgage File Created Successfully window opens, click Yes.
Note: You can see reference links to Loan Type under Loan Application – Section 4 > 4b. Other New Mortgage Loans on the Property You are Buying or Refinancing.
Linking Existing 2nd Mortgage Loan
1. Click Sub Financing button.
2. Click Create Second Mortgage File button, then click Link to Existing Second Mortgage.
3. Select Search button and select 2nd Mortgage from the Point File List.
4. Click OK.