Point User Guide 289
Subordinate financing
6 Open page 4 of the Loan Application and enter any other fees on line l in the Details
of Transaction
section.
7 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.
4 Verify the following information on the
Borrower Information screen:
5 Open page 2 of the
Loan Application and verify that the Proposed Monthly Housing
Expenses, including the
FirstMtg, OtherFin, HazIns, Taxes and other fee fields, match
the values in the first mortgage file.
6 Open page 4 of the
Loan Application and verify the following information in the
Details of Transaction section:
Important
Do NOT check Closing Costs Paid by Seller in the second mortgage file.
Restriction
The file name cannot contain any of the following characters:
\ / : * ? “ < > |
Field Value
Lien Pos Second Mtg
Sales Price Same sales price as that on the first mortgage file
Down Pmt 90% (this figure is not included on the
Loan Application screen)
Appr Value Same appraised value as in the first mortgage file
Loan Amt Second mortgage amount (10% of the sales price)
Note Rate Rate for the second mortgage
Ter m /D ue Rate for the Term/Due
Mth Pmt Second mortgage payment
Field Value
Purchase Price (a) Same as the 1st mortgage file
Subordinate financing (j) Blank
For Sub Financing Only section
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