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Creating Loan Applications

This guide provides detailed instructions for loan officers on creating and managing loan applications in ReversePilot.

Starting a New Loan

Initial Loan Creation

  1. Navigate to the Loans section from the main menu
  2. Click "Start Loan" or "New Loan"
  3. Enter the required initial information:

Required Fields

  • Borrower First Name: Legal first name
  • Borrower Last Name: Legal last name
  • Date of Birth: Must meet minimum age requirements (typically 62 for HECM, varies for proprietary)
  • Property State: State where the property is located
  • Home Value: Estimated or appraised value
  • Loan Officer: Select yourself or another loan officer

Loan Product Selection

The system automatically selects an appropriate loan product based on:

  • Borrower's age (must meet minimum age requirement)
  • Property state (product must be available in that state)
  • Company's configured loan products

If no valid product is found: - Verify borrower age meets requirements - Check that a loan product is configured for the property state - Contact your administrator to configure appropriate products

Entering Borrower Information

Personal Information Section

Navigate to the Borrower tab after creating the loan:

Basic Information

  • Name: First, Middle, Last, Suffix (Jr., Sr., III, etc.)
  • Social Security Number: Required for credit reporting and compliance
  • Date of Birth: Used for age verification and principal limit calculations
  • Phone Number: Primary contact number
  • Email Address: For communications and disclosures
  • Current Address: Complete mailing address

Demographic Information

Required for HMDA reporting:

  • Race: Select all that apply
  • Ethnicity: Hispanic or Latino / Not Hispanic or Latino
  • Sex: Male, Female, or prefer not to answer

Alternate Contact

Emergency contact information:

  • Name
  • Relationship to borrower
  • Phone number
  • Address

Multiple Borrowers

For joint applications:

  1. Click "Add Borrower" button
  2. Enter all information for the second borrower
  3. Both borrowers must meet age requirements
  4. The youngest borrower's age is used for principal limit calculations
  5. Both borrowers' credit reports will be pulled

License Information

If the borrower holds professional licenses:

  • License type
  • License number
  • State of issuance
  • Expiration date

Entering Property Information

Navigate to the Property section:

Property Details

  • Property Address: Complete address (street, city, state, ZIP)
  • Property Type: Primary residence, second home, investment property
  • Occupancy: Owner-occupied status
  • Property Use: Single-family, condominium, 2-4 unit, etc.
  • Year Built: Construction year
  • Square Footage: Living area square footage

Appraisal Information

Enter appraisal details:

  • Appraised Value: From the appraisal report
  • Appraisal Date: Date of the appraisal
  • Appraiser Name: Licensed appraiser name
  • Appraiser License Number: State license number
  • Appraisal Type: FHA, conventional, etc.

Property Charges

Enter all existing liens and charges:

First Mortgage

  • Lender name
  • Account number
  • Current balance
  • Monthly payment
  • Interest rate

Second Mortgage (if applicable)

  • Lender name
  • Account number
  • Current balance
  • Monthly payment

Property Taxes

  • Annual amount
  • Payment status
  • Escrow information

Homeowners Association (HOA)

  • Monthly/annual fees
  • Special assessments
  • Payment status

Other Liens

  • Liens, judgments, or other encumbrances
  • Amounts and details

Entering Financial Information

Income Section

Navigate to the Income tab:

Income Types

Enter all sources of income:

  • Social Security: Monthly benefit amount
  • Pension: Monthly pension payments
  • Retirement Accounts: 401(k), IRA distributions
  • Investment Income: Dividends, interest, capital gains
  • Employment Income: If borrower is still working
  • Other Income: Any other regular income sources

Income Documentation

  • Upload supporting documents
  • Verify income amounts match documentation
  • Note any income that will continue vs. terminate

Assets Section

Navigate to the Assets tab:

Asset Types

  • Bank Accounts: Checking, savings account balances
  • Investment Accounts: Stocks, bonds, mutual funds
  • Real Estate: Other properties owned (not subject property)
  • Retirement Accounts: 401(k), IRA balances
  • Other Assets: Vehicles, personal property of significant value

Asset Documentation

  • Bank statements
  • Investment account statements
  • Property ownership documents

Liabilities Section

Navigate to the Liabilities tab or review from credit report:

Debt Types

  • Credit Cards: Balances and minimum payments
  • Auto Loans: Remaining balance and payment
  • Personal Loans: Balance and payment
  • Other Debts: Any other obligations

Ordering Credit Reports

  1. Navigate to the Credit section for each borrower
  2. Click "Order Credit Report"
  3. The system automatically:
  4. Pulls from all three bureaus (Equifax, Experian, TransUnion)
  5. Parses and stores credit data
  6. Calculates credit scores
  7. Identifies liabilities and trade lines

Credit Report Information

After the report is received, review:

  • Credit Scores: From all three bureaus
  • Trade Lines: Open and closed accounts
  • Liabilities: Current debts and obligations
  • Payment History: Account payment patterns
  • Inquiries: Recent credit inquiries

For detailed information, see Credit Reporting Integration.

Entering Fees

Navigate to the Fees section:

Automatic Fee Population

The system automatically populates fees based on:

  • Loan product configuration
  • Property location
  • Loan amount
  • Company fee templates

Fee Categories

Origination Fees

  • Loan origination charge
  • Processing fee
  • Underwriting fee

Third-Party Fees

  • Appraisal fee
  • Credit report fee
  • Flood certificate fee
  • Title insurance
  • Recording fees

Government Fees

  • Transfer taxes
  • Recording fees
  • Other government charges

Prepaid Items

  • Homeowners insurance
  • Property taxes
  • Initial MIP (for HECM loans)

Adjusting Fees

  • Review each fee for accuracy
  • Adjust based on actual vendor quotes
  • Ensure compliance with regulatory limits
  • Document any fee changes

Calculating Loan Proceeds

Before submitting, calculate the loan proceeds:

  1. Navigate to the Calculations section
  2. Review loan product settings
  3. Click "Calculate Loan" or "Calculate Principal Limit"
  4. Review the results

Calculation Results

  • Principal Limit: Maximum amount available
  • Expected Rate: Rate used for calculation
  • Available Proceeds: After set-asides and payoffs
  • Initial MIP: Upfront mortgage insurance premium
  • Servicing Fee Set-Aside: Monthly servicing fee reserve

For detailed calculation information, see Calculating Loan Proceeds.

Reviewing the Application

Before submitting, review all sections:

Completeness Check

  • [ ] Borrower information complete
  • [ ] Property information complete
  • [ ] Financial information entered
  • [ ] Credit reports ordered and reviewed
  • [ ] Fees entered and verified
  • [ ] Calculations completed
  • [ ] Required documents attached

Accuracy Check

  • [ ] All names spelled correctly
  • [ ] Social Security numbers verified
  • [ ] Addresses complete and accurate
  • [ ] Income amounts match documentation
  • [ ] Property value matches appraisal
  • [ ] Fees are accurate

Saving Your Work

  • Auto-Save: The system automatically saves as you work
  • Manual Save: Click "Save" after making significant changes
  • Draft Status: Loans can remain in "Origination" status while you work

Tips for Success

  1. Complete Information: Enter complete information from the start to avoid delays
  2. Verify Data: Double-check all entered information for accuracy
  3. Use Notes: Add notes to document important information or decisions
  4. Attach Documents: Upload supporting documents as you collect them
  5. Save Frequently: Save your work regularly
  6. Follow Workflow: Adhere to your company's established workflow

Common Issues

Loan Won't Create

  • Verify borrower meets age requirements
  • Check that loan products are configured
  • Ensure property state is valid
  • Contact administrator if issues persist

Missing Loan Products

  • Contact your administrator
  • Verify product configuration for property state
  • Check borrower age requirements

Calculation Errors

  • Verify all required fields are entered
  • Check loan product configuration
  • Review property value and borrower age
  • See Calculation Issues

Next Steps

After creating the application:

For questions or issues, contact your administrator or refer to the Support Documentation.