How to do a Second Mortgage/HELOC/Refinance in Velocity

Step 1: Open the client file in Velocity. Navigate to the Assets, Liabilities, and Properties section. 
Locate the Properties subsection.


 

Step 2: Enter the client’s existing property information. Verify the property details are accurate before proceeding.
 

Step 3: Click the Add Mortgage button. Enter the existing mortgage information carefully.

Verify:

• Mortgage balance
• Lender information
• Payment details

• Any additional required fields

  

Step 4: Locate the Payoff dropdown menu. Leave the dropdown set to Select. 
Do not choose a payoff option.



Important:
Selecting a payoff option may cause Velocity to incorrectly assume the first mortgage is being paid out.
 

Step 5:  Navigate to the Mortgage Request section.  Locate the Mortgage Breakdown subsection.

 

Step 6: Under Mortgage Type, select Second.
This automatically categorizes the loan as a second mortgage in Velocity.


 

Step 7: Review the application summary.
Confirm the loan appears under the Second Mortgage section.



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