Skip to content

Submitting Applications

This guide explains how to submit loan applications for processing and underwriting in ReversePilot.

Pre-Submission Checklist

Before submitting an application, ensure all required information is complete:

Borrower Information

  • [ ] Complete personal information (name, SSN, DOB, address)
  • [ ] Demographic information (for HMDA reporting)
  • [ ] Alternate contact information
  • [ ] All borrowers added (if joint application)

Property Information

  • [ ] Complete property address
  • [ ] Appraisal information entered
  • [ ] Property charges entered (mortgages, taxes, HOA)
  • [ ] Property type and occupancy verified

Financial Information

  • [ ] Income information entered
  • [ ] Assets listed
  • [ ] Liabilities entered or reviewed from credit report

Credit Reports

  • [ ] Credit reports ordered for all borrowers
  • [ ] Credit reports received and reviewed
  • [ ] Credit issues noted (if applicable)

Fees

  • [ ] All fees entered
  • [ ] Fees verified against vendor quotes
  • [ ] Fee amounts are accurate

Calculations

  • [ ] Principal limit calculated
  • [ ] Available proceeds determined
  • [ ] Set-asides reviewed
  • [ ] Payoffs verified

Documents

  • [ ] Required documents attached (if any)
  • [ ] Documents are legible and complete

Submitting to Processing

Step 1: Review Application

  1. Navigate to the loan application
  2. Review all sections for completeness
  3. Verify all data is accurate
  4. Check for any validation errors

Step 2: Assign Processor (Optional)

If your company uses processors:

  1. Navigate to the Loan Parties section
  2. Assign a processor
  3. Add any special instructions or notes

Step 3: Submit Application

  1. Click "Submit to Processing" or change status to "Processing"
  2. Add any notes or instructions for the processor
  3. Confirm submission

Status Change

The loan status will change from "Origination" to "Processing".

What Happens After Submission

Processing Phase

Once submitted:

  1. Processor Assigned: Loan is assigned to a processor (if applicable)
  2. Document Collection: Processor collects required documents
  3. Data Verification: Processor verifies all information
  4. Third-Party Services: Processor orders services (appraisal, title, etc.)
  5. Quality Check: Processor ensures application is complete

Underwriting Phase

After processing:

  1. Status Change: Loan moves to "Submitted to Underwriting"
  2. Underwriter Review: Underwriter reviews the application
  3. Conditional Approval: Underwriter may issue conditional approval
  4. Conditions: Any conditions must be cleared
  5. Clear to Close: Once conditions are met, loan clears to close

Submission Notes

When submitting, you can add notes:

What to Include

  • Special Instructions: Any specific requirements or considerations
  • Borrower Preferences: Payment plan preferences, disbursement preferences
  • Timeline Requirements: Any time-sensitive requirements
  • Special Circumstances: Anything unusual about the application

Example Notes

Borrower prefers monthly payments over line of credit.
Property has minor repairs needed - see repair section.
Borrower needs to close by end of month for tax purposes.

Tracking Submission Status

After submission, you can track progress:

Status Updates

  • Monitor status changes in the loan detail view
  • Receive notifications when status changes
  • Review activity log for all actions

Activity Log

View all actions taken on the loan:

  • Status changes
  • Document uploads
  • Data updates
  • User actions

Communication

  • Add notes at any time
  • Respond to processor questions
  • Provide additional information as requested

Common Submission Issues

Validation Errors

If you see validation errors:

  1. Review the error messages
  2. Complete missing required fields
  3. Fix any data format issues
  4. Resubmit after corrections

Missing Information

If information is missing:

  1. Complete all required sections
  2. Verify all fields are filled
  3. Check for incomplete entries
  4. Contact administrator if unsure about requirements

Status Won't Change

If you can't change the status:

  1. Verify you have permission to submit
  2. Check that all required fields are complete
  3. Review any validation errors
  4. Contact administrator if issues persist

Withdrawing an Application

If you need to withdraw an application:

  1. Change status to "Withdrawn"
  2. Add a note explaining the withdrawal reason
  3. Document any borrower communication
  4. Update any relevant information

Resubmitting After Changes

If you need to make changes after submission:

  1. Check Status: Verify current status
  2. Request Return: If in processing, request return to origination
  3. Make Changes: Update the necessary information
  4. Resubmit: Submit again after changes

Best Practices

  1. Complete Before Submitting: Ensure all information is complete
  2. Verify Accuracy: Double-check all data before submission
  3. Add Notes: Include helpful notes for processors
  4. Follow Timeline: Submit within expected timeframes
  5. Communicate: Stay in communication with processors and underwriters

After Submission

What You Can Still Do

  • View loan status and progress
  • Add notes and comments
  • Upload additional documents
  • Respond to questions
  • Review processing updates

What Processors Do

  • Collect required documents
  • Verify all information
  • Order third-party services
  • Prepare for underwriting
  • Coordinate with borrowers

Next Steps

After submitting:

Tips for Success

  1. Be Thorough: Complete all information accurately
  2. Be Timely: Submit within expected timeframes
  3. Be Clear: Add clear notes and instructions
  4. Be Responsive: Respond quickly to questions
  5. Be Professional: Maintain professional communication

For questions about the submission process, contact your administrator or refer to the Support Documentation.