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In this video tutorial, the instructor discusses when a subordination agreement is necessary, particularly during a refinance. A subordination agreement is required if the borrower has existing mortgages that will not be paid off with the new loan, as the lender needs to be in the first lien position. To obtain this, the second mortgage lender must approve the agreement and will require an application that includes the new loan's terms and an appraisal. Once approved, the subordination agreement will be filed by the escrow company managing the loan closing. The instructor concludes by reminding viewers to download the course catalog from campusmortgage.org.