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Loan scenarios
Point provides tools to work with different types of loans. This topic includes scenarios for
processing the following types of loans:
•
•
•
Subordinate financing
This information will help you to ensure that the proper calculations are made when you
process a loan with a second mortgage.
This topic provides information about processing the following types of second mortgages:
•
•
•
Creating standalone second mortgages
A standalone second mortgage is a second mortgage that is not used for the specific
purpose of buying a property.
To create a standalone second mortgage:
Open a borrower file.
1
In the
2
Second Mtg
Complete the
3
Price
Click the Sub Financing button to enter the existing first mortgage balance in the
4
Subordinate Financing Information
Second loans
Construction loans
Investment loans
• Subordinate financing
• Construction loans
• Investment loans
Primary homes
New first mortgages with new or existing second mortgages
Second or equity line mortgages on investment or second home properties
Borrower Information
to indicate the second lien position.
Appr Val, Loan Amt
field blank.
In this topic
Primary
screen, select
as the property type and
,
, and
Note Rate
Term/Due
dialog box.
12
fields. Leave the
Sales
279
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