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Loan scenarios
Point provides tools to work with different types of loans. This topic includes scenarios for
processing the following types of loans:
• Second loans
• Construction loans
• Investment loans
Subordinate financing
This information will help you to ensure that the proper calculations are made when you
process a loan with a second mortgage.
This topic provides information about processing the following types of second mortgages:
• Primary homes
• New first mortgages with new or existing second mortgages
• Second or equity line mortgages on investment or second home properties
Creating standalone second mortgages
A standalone second mortgage is a second mortgage that is not used for the specific
purpose of buying a property.
To create a standalone second mortgage:
1 Open a borrower file.
2 In the
Borrower Information screen, select Primary as the property type and
Second Mtg to indicate the second lien position.
3 Complete the
ApprVal,LoanAmt, NoteRate, and Term/Due fields. Leave the Sales
Price
field blank.
4 Click the Sub Financing button to enter the existing first mortgage balance in the
Subordinate Financing Information dialog box.
In this topic
• Subordinate financing
• Construction loans
• Investment loans
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