Overview
Borrowers are able to arrange their existing mortgages, should they exist, by lien position after running credit within the Consumer Site. If the borrower chooses to provide this information it will automatically update the REO Flyout within the Loan Center. By providing deeper information surrounding existing mortgages borrowers can enjoy more accurate pricing data if they Shop for Rates.
Prerequisite
- Credit must be enabled within the Consumer Site.
- The credit file must have existing mortgages.
Instructions
Once the borrower has ran credit successfully and it is discovered that preexisting mortgages are present the borrower may do the following:
- Select the mortgage
- Choose the Lien Position from the dropdown menu
- If the Lien Position = 1st
- The borrower may specify which payments to include
- If the Lien Position = 2nd – 5th
- The borrower may specify when/if to Payoff this Loan? through the following options:
- Do Not Payoff
- Payoff at close
- Payoff and Don’t Close Account
- Payoff and Close Account
- The borrower may specify when/if to Payoff this Loan? through the following options:
- Lien Type may be specified as:
- Mortgage
- HELOC
- Credit Limit may be entered for the associated account
- If the property has been paid off the borrower may choose to specify by checking “This Property is Free & Clear”.
- If the box is checked the user may still enter Taxes and Insurance
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