The Truth about Second Liens
Information about mortgage pools and portfolios, as currently reported, hides the impact of subsequent seconds from trading and modeling resources. In the overheated mortgage marketplace, HELOCs and other secondary liens have quietly increased portfolios’ overall loan-to-value (LTV) and combined loan-to-value (CLTV) ratios in recent years—effectively lowering their value—without such fundamental factual changes becoming visible to portfolio issuers, investors, or anyone else.

Like an iceberg’s underwater mass, the actual value of pooled mortgages hides beneath their apparent first-lien worth.

Full Disclosure with TrueSeconds
TrueSeconds enables originators, secondary marketers, issuers, investors and insurers to identify, evaluate, and monitor the impact of HELOCs and other second-mortgage liens on active first-mortgage pools and portfolios. It identifies and documents all types of second liens, including:

• Silent seconds (seller-financed seconds)
• Piggyback seconds (simultaneous originator-provided seconds)
• Up-sell or cross-sell seconds (subsequent originator-provided seconds)
• Borrower-initiated seconds

The growth of subordinate claims—driven by credit availability, gains in borrower sophistication, and a fiercely competitive environment—has dramatically increased overall risk in the current mortgage marketplace.

Industry-Leading Resources
TrueSeconds combines the industry-leading information resources of LoanPerformance and First American CoreLogic, Inc., to enable users to discover the actual LTV/CLTV ratios of mortgage portfolios. Starting with user-supplied first mortgage data files, TrueSeconds searches the LoanPerformance, First American, and CoreLogic databases—then updates any affected files to include all additional liens recorded on the properties, with loan types, dates, and amounts.

Easy to Get Started, Easy to Use
TrueSeconds offers one-time, monthly, or quarterly monitoring of mortgage portfolios for originators, secondary markets, issuers, investors, and insurers. It can also provide rigorous daily monitoring—with automated alerts—for servicing and portfolio managers.

Getting up to speed is fast and painless—you provide first mortgage information:

• Borrower Name/Address
• First Lien Amount
• First Lien Date
• Product Type
• Lender
• Originator
• Original/Current Servicers

TrueSeconds appends:

• Match/No Match for Subordinate Lien(s)
• Date of Subordinate Lien(s)
• Subordinate Lien(s) Lender(s)
• Subordinate Lien(s) Amount(s)
• Subordinate Lien(s) Product Type(s)
• Subordinate Lien(s) Product Rate(s)

The resulting data enable your modeling and trading resources to deduce the actual current LTV/CLTV ratios of securities pools and portfolios—enabling you to make effective competitive decisions based on real collateral value.

Product Brochure
Identify yourself (name, company, email only) on the accompanying form and download a PDF of the TrueSeconds-TrueLTV product brochure (100KB).

For More Information
To learn more about TrueSeconds or schedule an appointment for a demonstration, please email us or give us a call at the appropriate number for your geographic area.

*Originally introduced as SecondLook.