When starting the file and uploading the initial Mismo 3.4 file make sure you are choosing the correct options first. Conventional or NonQm (NanQ). If using alternate documentation such as DSCR or Bank statements, choose NanQ.
Make sure to choose the correct business purpose based on the property type. If doing primary, choose "No". If an investment property, choose "Yes".
Once uploaded and you're in the file, make sure the mortgage is listed under "Loan & Property" & "Real Estate" tabs. If there is no property listed, please add it by pressing the "+" button for the property and the mortgage tied to it.
-1st "Loan & Property tab" > scroll down to other new mortgage/refinancing and enter the mortgage information for existing loan, make sure to click 1st lien
-2nd go to "Real Estate" tab and verify the subject property and mortgage are listed
The next step is to make sure you have chosen 2nd lien on the application, so it registers correctly. You can do that under "Lender Loan Information" Tab and select "Second Lien". The mortgage type on the loan will always be conventional even if doing NanQ
Once you save, you can proceed with the next step by selecting "yes" or "no" if the existing mortgage is tied to a loan in our system. Click save and continue with registration.
The loan should now be registered, you can now price out the loan. The pricer should be filled out correctly if the previous instructions were followed. Should only need to update the fico score and the doc type being used.
**make sure to include the balance of the 1st mortgage if it is blank**
Make sure to choose the correct program and doc type in the pricer
You can now proceed with the next steps, upload your documents needed to properly disclose the loan and submit.