Here is some more useful information I picked up for everyone to take a look at, hope you get some use from it.
The Simultaneous Second Mortgage is originated and closed in conjunction with a first mortgage to purchase and/or refinance a home.
So Who is The Target market?
You! The borrower that is seeking a lower payment than a high-LTV first mortgage and simplicity of one loan closing.
What's in it for The Bank?
1. One-stop secondary marketing outlet for both first and second mortgages. 2. Offers a new product to supplement originations and increase number of loan you currently have ongoing. 3. Consistent second lien standards, pricing, and technology. Up-to-date.