How to originate a second lien loan.
- Ben Burnett |
- 39 steps |
- 2 minutes
1
Navigate to the overview > terms and mortgage section to setup the file if not already done so.
2
Click "Loan Purpose" while this may not be an actual cash out simply choose that option
3
Click "Appraisal Value" and make sure you have a value entered.
4
Click "loan amount" and make sure either the total line amount or the amount they are borrowing is entered.
5
Click "Loan Type" Please consult with a system admin about what to choose here as this drives the programs that are available.
6
Click "Program" and here you can choose program.
7
Click "Note Rate" and enter a rate.
8
Click the Subject Property and ensure you have at least a city, state, and zip
9
Click "Save Changes"
10
Click "LOAN APPLICATION"
11
Click Addresses. Check the scenario. please ensure current address is set.
12
Click "REO"
13
Click "Edit"
14
Click "Add New REO"
15
Click subject toggle to indicate the subject property.
16
If the second is on a primary home click the current toggle also.
17
Click "Liabilities"
18
Click "Add New Liability"
19
Click and add the mortgage to the REO here.
20
Click "Save Changes"
