The attorney for bank one records the mortgage at 2:30pm. The attorney for bank two records its mortgage at 2pm. X corp has defaulted on its loan to both banks. Who gets what?

Depends who sues first.

A property will have at least in the US, only one "1st mortage" it takes preference over a 2nd or 3rd. So where this is happening will make a difference.

A property will have at least in the US, only one "1st mortage" it takes preference over a 2nd or 3rd. ...

A truism.

The first mortgage recorded (Bank Two) would be the "first mortgage".

But I suspect this is another homework question.