Note: For setting up a switch/transfer or port on the primary residence, please see this article: Switch/Transfer or Port (Primary Residence)
Below is how to set up a switch/transfer or port for properties other than the primary residence
Adding a new Property as Asset
First, navigate to the Properties section of the desired applicant.
Click on ADD PROPERTY.
Click on the Edit/Pencil icon in order to set up the details of the newly added Asset Property.
Add the mortgage that's being Switched of Ported
Go to the Credit and Liabilities from the left side menu.
Click on ADD LIABILITY and select Mortgage from the selection menu.
Click on the Edit/Pencil icon to access the details of the newly created Mortgage.
4. Within the Liabilities - Mortgage page, scroll down and click on ADD COLLATERAL and choose the address for the property to be added as the collateral on the mortgage.
Create a Switch/Transfer or Port on the Transaction page
To add a switch/transfer, or a port, to an application click on Transaction from the application menu. Steps are outlined below:
Within the application, click on Transaction from the application menu.
Click on Add a Purpose and select Port or Switch.
3. Select the mortgage to be ported or switched by clicking ADD.
Adding the Property as Collateral for the new loan
Click on Loan Request from the left side menu.
Scroll down to the Mortgaged Property section of the loan and click the drop down arrow to open up the Collateral section.
Click ADD MORTGAGED PROPERTY.
4. You will see a pop up window that will list all available assets. Select the Current Address property from the list and click on ADD.
Note: You must first have the existing mortgage listed as a liability on the applicant's file before you can set up a switch or a port.