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