Point User Guide 285
Subordinate financing
e Click the 2nd Mtg button to open the Second Mortgage Payment dialog box.
f Complete the
LoanAmount, NoteRate,QualRate, Term/Due, andInterestOnly
fields for the second mortgage.
g Click OK (assuming Appraisal Value and Sale Price are the same).
This amount automatically populates the
OtherFin field in the Monthly Income
and Combined Housing Expense Information
section on page 2 of the Loan
Application
.
The value in the
LTV field should still be 80%, but the value in the CLTV field is
now 90%.
3 Open page 2 of the
Loan Application and complete the following information:
a Click HazIns to enter the hazard insurance rate in the
Hazard Insurance dialog
box or check the lock box to enter a custom value.
b Click Taxes to enter any tax rates for the property or check the lock box to enter a
custom value.
c Click MtgIns to enter the mortgage insurance information for the subject property,
if any, and click OK in the
Mortgage Insurance dialog box or check the lock box
to enter a custom value.
4 Open the
Good Faith Estimate and enter the fees for the first loan.
5 Open page 4 of the
Loan Application and complete the following information in the
Details of Transaction section:
a Verify that field j,
SubordinateFinancing, contains the second mortgage loan
amount.
b To manually enter closing costs paid by the seller, click the lock box next to line k,
CCpaidbyseller, to enable the field and enter the amount.
c Enter any other fees and credits in the line l fields.
6 Save the file.
To create the second loan:
1 From any screen in the first loan file, select File > Subordinate Financing > Create
New Second Mortgage.
2 If Auto File Naming is not enabled, enter a file name and click Save
The
Second Mortgage File Created Successfully dialog box is displayed.
3 Click Yes to open the second mortgage file.
A new file is opened which contains the information for the concurrent second
mortgage.
The navigation panel contains two buttons to toggle back and forth between the two
linked loans.
Restriction
The file name cannot contain any of the following characters:
\ / : * ? “ < > |
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