Step-By-Step - Prepare A New First + New Second Mortgage

How to prepare a New First and a New Second Mortgage in Velocity

Two separate Velocity applications will be created.

1. Create a new application for your 1^st mortgage and submit it to the Lender.

2. Create a new application for your 2^nd mortgage and enter the details of your new 1^st mortgage as an existing mortgage (in the Assets, Liabilities & Properties section). The Payoff field should be left blank to indicate the mortgage is remaining. Click the orange button to Copy to Subject Property.

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3. In the Mortgage Request section, select Existing for the 1^st Mortgage and Requested for the 2^nd Mortgage. Mortgage Type should be Second.

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4. Submit the second mortgage to the Lender.

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