Duplicate a Loan for Second

Use the Duplicate a Loan for Second feature from the Pipeline to save data entry time when starting a second mortgage loan for the same borrower. Only the loan form data is duplicated, with changes made to loan terms and costs as appropriate.

You can also use the Piggyback Loans tool to create and manage piggyback loans.

The following features of second mortgage loans are supported:

  • Concurrent loans for a borrower from the same or different lender.

  • Ability to duplicate the information and verifications gathered from the first loan to second loan.

  • Ability to track the progress and milestones of each loan separately.

To Duplicate a Loan to Create a Second

Start the 1st mortgage and gather information

  1. Complete as much information as possible on the Borrower Summary, 1003, GFE, verifications, and other loan forms. All of this information will be duplicated when you create the second mortgage.

  2. Order credit, appraisal, and other services.

Duplicate the 1st mortgage to create the second mortgage

  1. Click to select the loan on your Pipeline.

  2. Clickthe Duplicate icon.

  3. Select Create a second lien using the data from the selected loan.

  4. Select the folder where you want to add the loan from the drop-down list.

    • A duplicate of the loan is added to your Pipeline.

    • If you are using the auto loan numbering and MERS MIN numbering features, the loan is assigned the next number.

Changes Made to the Duplicated Loan

When you select the Create a second lien using the data from the selected loan option, the following adjustments are made to the duplicated loan file. Click a Field Name for a description of the change.

Form Field Name
Borrower Summary

Lien PositionClosed- changed from 1st to 2nd

 

Loan AmountClosed- copied from 1003 Page 2, Other Finance Loan Amount

 

Note RateClosed- copied from 1003 Page 2, Other Finance Note Rate

 

TermClosed- copied from 1003 Page 2, Other Finance Term

 

Sub. Financing, 1stClosed- copied from Borrower Summary Loan Amount

 

Sub. Financing, 2ndClosed- copied from 1003 Page 2, Other Finance Loan Amount

1003 Page 2

1st Mort. Loan AmountClosed- copied from Borrower Summary Loan Amount

 

1st Mort. Interest RateClosed- copied from Borrower Summary Note Rate

 

1st Mort. TermClosed- copied from Borrower Summary Term

1003 Page 3

j. Sub. FinancingClosed- deleted, 2nd has no subordinate

 

l. New First MortgageClosed- copied from Borrower Summary Loan Amount

 

l. CC from First MortgageClosed- copied from 1003 Page 3, Section VII; subtracts the total of lines e, f, and h

2015 Itemization and MLDS

Lines 800 thru 1300Closed- Costs and Prepaid values are removed

 

Loan Program NameClosed- removed

 

Closing Cost Program NameClosed- removed