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Company Settings

Company settings can be set by the company administrator only. These settings are used to configure the system for the company and include:

Company Details

  • Company Name: The name of the company.
  • Company Type: Tells ReversePilot whether the company is a lender, broker, or other type of organization.
  • EIN (Employer Identification Number): The company's EIN, used for tax purposes.
  • LEI: The Legal Entity Identifier, a unique identifier for the company (used for filing HMDA LAR reports)
  • FHA ID: The Federal Housing Administration ID, used for lenders for HECM loans.
  • MERS Organization ID: The Mortgage Electronic Registration System ID, used for generating the MIN for security instruments.
  • Address: The physical address of the company.

These credentials will be provided by the MeridianLink support (or credit vendor) to allow you to integrate the system. - Client ID: The client ID for the MeridianLink integration. - Client Secret: The client secret for the MeridianLink integration. - MCL-Interface: The name of the interface used for the MeridianLink integration.

Company Licenses

Company licenses are used to manage the licenses held by the company. The license numbers are managed here.

Loan Products

Loan products are the different types of reverse mortgage products that the company offers. Each product can have different settings, such as interest rates, fees, and compliance policies. The company administrator can create, edit, and delete loan products.

All products must have the following information: - Product Name: The name of the loan product. - Product Type: The type of loan product, such as HECM or proprietary reverse mortgage. - Lending Limit: The lending limit to use as the maximum claim amount when calculating the principal limit for this product.

HECM Products

HECM products may have various fields required based on the interest rate type.

A fixed rate HECM product will have the following fields: - Fixed rate: The fixed interest rate for the product. - MIP Rate: The Mortgage Insurance Premium rate for the product. - Servicing fee: The servicing fee for the product (from 0 to 30 per month)

An adjustable rate HECM product will have the following fields: - Adjustment frequency: The frequency at which the interest rate adjusts (e.g., monthly, annually). - Initial index name: Name of the initial index to use for the product (e.g. 1-month CMT, 1-year CMT, 10-yr CMT). - Expected index name: Name of the expected index to use for the product (e.g. 1-month CMT, 1-year CMT, 10-yr CMT). - Periodic rate cap: The periodic interest rate cap for the product (e.g. maximum adjustment per adjustment cycle). - Lifetime rate cap: The lifetime interest rate cap for the product (e.g. maximum rate for loan).

Proprietary Products

  • PLF Table: The Principal Limit Factor table used for the product. This can be uploaded as a CSV file.
  • States Available: The states in which the product is available. This can be a list of states or a checkbox to indicate all states. Additionally, a minimum age can be required for each state.

Company Signers

Company signers are the individuals who are authorized to sign documents on behalf of the company. The company administrator can add, edit, and delete company signers. The company signer's information will be listed on the loan documents.

Each company signer can have the following attributes: - Name: The name of the signer - Title: The title of the signer (e.g., CEO, President) - Is Active: Whether the signer is active - Is Default: Whether the signer is the default signer for the company (only one default signer is allowed per company) - Signature Image: An uploaded image of the signer's signature that will be automatically placed on documents where the company signer would otherwise sign

When a signature image is uploaded for a company signer, it will be automatically used in place of a manual signature on relevant documents. This streamlines the document signing process and ensures consistency across all signed documents.