Refinance a 1st and 2nd Mortgage into a Single Mortgage

Hi, I am unable to figure out how to reflect the client's current 2nd mortgage payment along with his current first mortgage) while creating a new loan that will pay off the first mortgage AND the current 2nd mortgage. I have tried several choices within the 2nd mortgage window. As a refi and not as a refi, as a current mortgage and not as a current mortgage. Can you assist? My goal is to show how the new mortgage payment that is consolidating both of his mortgages would compare to his current situation.

Answer:

When you want to pay off both with one lien, here is how you enter it:

1. Enter both the first and second lien that you are paying off in the assumptions.
2. On your new product, toggle the refi switch to yes and MC will bring in the combined payoff for both liens as the new loan balance.
3. Enter your closing costs and monthly escrows.
4. At the bottom of the monthly escrows page, make sure the question "Does this product include a 2nd lien" is marked NO.

This will result in having two liens for the current mortgage scenario and only one lien to payoff both in the new scenario.

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Reference this Sample TCA