Duplicate a Loan for a Piggyback Loan
Use the Duplicate a Loan for a Piggyback feature from the Pipeline to save data entry time when starting a piggyback loan for the same borrower. A piggyback loan is a loan that is completed at the same time as a primary (or 1st) loan and is linked to that loan. Only the loan form data is duplicated, with changes made to loan terms and costs as appropriate. When you use this option to create a piggyback loan, the primary loan and the piggyback loan are linked in the Piggyback Loan tool.
You can also use the Piggyback Loans tool to create and manage piggyback loans.
To Duplicate a Loan to Create a Piggyback Loan
Start the 1st mortgage and gather information
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Complete as much information as possible on the Borrower Summary, 1003, 2015 Itemization, 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 a piggyback loan
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Click to select the loan on your Pipeline, and then click the Duplicate icon.
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Or, right-click a loan on your Pipeline, and then click Duplicate Loan.
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Select Create a second lien linked as a piggyback 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 linked as a piggyback 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.
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Borrower Summary |
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1003 Page 2 |
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1003 Page 3 |
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2015 Itemization and MLDS |
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See Also:
Piggyback Loan Synchronization