LoanPerformance, a subsidiary of First American Real Estate Solutions, today announced the introduction of SecondLook, a new service that aims to uncover the existence of second mortgages added after origination. Identifying second-mortgage liens has been a challenge for mortgage industry stakeholders, especially issuers and investors of mortgage securities. SecondLook enables originators, investors and issuers to identify, evaluate and monitor home equity lines of credit (HELOC) and second-mortgage loans on active first-mortgage pools and portfolios. SecondLook offers one-time, monthly or quarterly monitoring of additional liens. In addition, a daily update of new liens with alerts to servicing and portfolio managers is available with the monthly or quarterly monitoring service. SecondLook combines the resources of LoanPerformance's HELOC and second-lien loan database with First American RES' property data, which covers 97 percent of all real estate transactions in the United St...
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