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:
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Concurrent loans for a borrower from the same or different lender.
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Ability to duplicate the information and verifications gathered from the first loan to second loan.
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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
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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.
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Order credit, appraisal, and other services.
Duplicate the 1st mortgage to create the second mortgage
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Click to select the loan on your Pipeline.
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Click the Duplicate icon.
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Select Create a second lien using the data from the selected loan.
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Select the folder where you want to add the loan from the dropdown list.
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A duplicate of the loan is added to your Pipeline.
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If you are using the auto loan numbering and MERS MIN numbering features, the loan is assigned the next number.
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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 | |
| 1003 Page 2 | |
| 1003 Page 3 | |
| 2015 Itemization and MLDS | |
