Pricing a loan with a Concurrent Second Mortgage

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iMP will pass the CLTV and HCLTV on Refinance and Purchase Loans so that you can Price a loan with a Concurrent 2nd Mortgage.  The user will then have the option to disclose the 1st in iMP and the second (brokered) in Encompass or they may export the loan to Encompass prior to disclosing and have both the 1st and 2nd  disclosed from there. 

FIXED Concurrent Seconds:

Go to the Prospect Page and navigate to the New Loan section.  Update the “Concurrent 2nd Mortgage” comment to ‘Fixed’ and enter the 2nd Mortgage amount.  You’ll notice the LTV/CLTV update to reflect the newly added mortgage.

These fields are also available in Section VII – Details of Transaction section of the Loan Details page line j.

Click the blue dollar amount in line j Subordinate Financing. From here you can enter the Interest Rate and Term of the concurrent 2nd and the system will calculate the monthly payment for you.  You may also update the 2nd Mortgage loan amount and/or type (fixed/HELOC etc.) and reprice.  Changes here will reflect on the prospect page and vise versa.

HELOC Concurrent Seconds:

Go to the Prospect Page and navigate to the New Loan section.  Update the “Concurrent 2nd Mortgage” comment to ‘HELOC and enter the 2nd Mortgage amount.  Enter the Credit line Cap amount.  You’ll notice the LTV/CLTV/HCLTV update to reflect the newly added mortgage.

 

These fields are also available in Section VII – Details of Transaction section of the Loan Details page line j.

Click the blue dollar amount in line j Subordinate Financing. From here you can enter the Interest Rate and Term of the concurrent 2nd and the system will calculate the monthly payment for you.  You may also update the 2nd Mortgage loan amount and/or type (fixed/HELOC etc.) and reprice.  Changes here will reflect on the prospect page and vise versa.

 

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