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2001 Processing a second mortgage or home equity line


Administrator
Loan Application

Processing a second mortgage on a primary residence

  1. At the Borrower or Prospect Information screen, mark the property type as Primary and the lien position as Second.

  2. Complete the following fields: Sales Price if applicable, Appraised Value, Loan Amt, Interest Rate, and Term/Due.
  3. Click the HE & Oblig button.


  4. In the Housing Exp & Other Obligations window, click the First Mtg button.
  5. Enter the Loan Amount, Interest Rate and Term for the first mortgage and click OK. Point automatically calculates the monthly payment for the First Mortgage.


    Note: The monthly payment for the second mortgage automatically appears in the Other Fin field. Click OK from the Housing Exp & Other Obligations window.

Processing a second mortgage with an existing first mortgage

  1. At the Borrower or Prospect Information screen, mark the property type as Primary and the lien position as First.

  2. Complete the following fields: Sales Price if applicable, Appraised Value, Loan Amt, Interest Rate, and Term/Due.
  3. Click the HE & Oblig button.

  4. In the Housing Exp & Other Obligations window, click the Other Fin button.
  5. Enter the Loan Amount, Interest Rate and Term for the second mortgage and click OK. Point automatically calculates the monthly payment for the Second Mortgage.


    Note: The monthly payment for the first mortgage automatically appears in the First Mtg field. Click OK.

Processing a second mortgage on an Investment property or Second home
  1. At the Borrower Information screen, mark the property type as Investment or Secondary and mark the lien position as Second.

  2. Complete the following fields Sales Price (if applicable), Appr Value, Loan Amt, Note Rate, and Term/Due.
  3. Click the HE & Oblig button.

  4. In the Housing Exp & Other Obligations window, click First Mtg.
  5. Enter the Loan Amount, Interest Rate and Term for the first mortgage and click OK. Point automatically calculates the monthly payment for the Second Mortgage.



    Note: The monthly payment for the second mortgage should appear in the Other Fin field. Click OK.

For Investment loans only:

  1. From the Borrower Information screen, click the Investment button at the bottom of the screen.
  2. Enter the amount of the gross monthly rent and the occupancy rate percentage. (The typical occupancy percentage is 75%)
  3. Click OK.


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Last Modified: Last Week
Last Modified By: cswms
Type: Loans
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