Creating your first loan application
Learn how to create and process a reverse mortgage loan application in ReversePilot, from initial setup through submission to processing.
Before you start
To create a loan application in ReversePilot, ensure you have the following in place:
- Access to ReversePilot with a Loan Officer role
- At least one loan product configured for your company
- Borrower information ready (name, date of birth, contact details)
- Property information (address, estimated value, location)
Creating a new loan
Start the application process by creating a new loan record.
Navigate to the Loans section
From the main menu, select Loans.
Click Start Loan
Click the Start Loan or New Loan button to begin a new application.
Enter initial information
You'll be prompted to enter the borrower's first name, last name, date of birth, property state, home value estimate, and select a loan officer. ReversePilot will automatically suggest an appropriate loan product based on borrower age, property state, and available products.
If ReversePilot cannot find a suitable loan product, contact your administrator to configure the necessary loan products for your company.
Entering borrower details
Once the loan is created, navigate to the Borrower section to complete the borrower information.
Personal information
Enter the complete personal information for the primary borrower:
- Full name (first, middle, last, and suffix)
- Social Security Number
- Date of Birth
- Phone number and email address
- Current address
Demographic and contact information
Complete additional borrower details:
- Demographic Information — Race and ethnicity (required for HMDA reporting)
- Alternate Contact — Emergency contact information
- Professional Licenses — Any licenses held by the borrower
Joint applications with multiple borrowers
For applications with more than one borrower:
Add additional borrowers
Click the Add Borrower button and enter information for each borrower.
Verify age requirements
All borrowers must meet the minimum age requirement for the loan product. ReversePilot uses the youngest borrower's age to calculate the principal limit.
Adding property information
Navigate to the Property section to document the subject property.
Property details
Enter the complete property address and characteristics:
- Property Address — Street address, city, state, and ZIP code
- Property Type — Primary residence, second home, or investment property
- Occupancy Status — Owner-occupied status
- Property Use — Single-family home, condominium, etc.
Appraisal information
Once an appraisal is completed, record the appraisal data:
- Appraised Value — From the appraisal report
- Appraisal Date — Date the appraisal was conducted
- Appraiser Information — Appraiser name and license number
Existing liens and charges
Document all existing mortgages and obligations against the property:
- First mortgages
- Second mortgages
- Property tax amounts
- Homeowners association fees
- Other liens
Calculating loan proceeds
Before proceeding further, calculate the loan amount and available proceeds.
Open the Calculations section
Navigate to Calculations in the loan application.
Review loan product settings
Review the interest rate, mortgage insurance premium (MIP), and servicing fee configured for the selected loan product.
Calculate the loan
Click Calculate Loan or Calculate Principal Limit.
Review results
Verify the calculated values:
- Principal Limit — Maximum amount available to the borrower
- Expected Rate — Used to determine the principal limit factor
- Available Loan Proceeds — Principal limit minus required set-asides and payoffs
- Initial MIP — Upfront mortgage insurance premium
- Servicing Fee Set-Aside — Reserved from proceeds for ongoing servicing
Entering financial information
Complete the financial profile of the borrower(s) by documenting income, assets, and liabilities.
Income sources
Enter all sources of regular income:
- Social Security benefits
- Pensions and annuities
- Retirement account distributions
- Investment income
- Other income sources
Assets
List all financial and real estate assets:
- Bank accounts (checking, savings)
- Investment accounts and retirement accounts
- Real estate holdings (other than the subject property)
- Other assets
Liabilities
Document all outstanding debts and obligations:
- Credit card balances
- Auto loans
- Personal loans
- Other debts
Ordering credit reports
Pull credit reports for all borrowers in the application.
Navigate to Credit section
In the loan application, navigate to the Credit section for each borrower.
Order the report
Click Order Credit Report.
Review results
ReversePilot automatically retrieves credit reports from all three bureaus (Equifax, Experian, and TransUnion). Review the credit data once received.
Entering fees
Navigate to the Fees section to document all costs associated with the loan.
Standard fees
ReversePilot automatically populates standard fees based on the loan product configuration, property location, and loan amount.
Fee categories
Fees are organized by category:
- Origination Fees — Loan origination charges
- Third-Party Fees — Appraisal, title insurance, flood certificate, and similar costs
- Government Fees — Recording fees, transfer taxes, and government charges
- Prepaid Items — Insurance premiums and property taxes paid at closing
Adjusting fees
Review each fee for accuracy and adjust as needed based on actual quotes and costs. Ensure all fees comply with applicable regulatory requirements.
Reviewing and submitting
Before submission, conduct a thorough review of the application.
Review all sections
Go through each section (Borrower, Property, Calculations, Financial Information, Credit, and Fees) to confirm all required information is complete and accurate.
Verify calculations
Double-check loan proceeds, principal limit, and fee calculations for accuracy.
Check compliance
Verify that all required documents have been attached and that the application meets your company's workflow requirements.
Submit to Processing
Click Submit to Processing or change the loan status. Optionally select a processor and add notes or instructions for the processing team.
Confirm submission
The loan status will change from Origination to Processing.
Tracking progress
After submission, monitor the loan's progress through the following tools:
- Status Updates — Track changes in loan status
- Activity Log — View all actions taken on the loan
- Document Status — Monitor the status of required documents
- Condition Status — Follow underwriting conditions and their resolution
Common workflow patterns
HECM reverse mortgage workflow
The typical workflow for a Home Equity Conversion Mortgage (HECM) loan follows these stages:
- Create loan with borrower and property information
- Calculate principal limit
- Order credit report
- Complete financial assessment
- Submit to processing
- Processing team collects remaining documents
- Underwriter reviews application
- Clear to close
- Closing coordination and funding
Proprietary reverse mortgage workflow
Proprietary reverse mortgage loans follow a similar path but with key differences:
- Uses proprietary Principal Limit Factor (PLF) tables instead of HECM tables
- May have different minimum age requirements
- Different compliance and regulatory requirements
Troubleshooting
Loan won't create
If you encounter an error creating a new loan, check the following:
- Verify the borrower meets the minimum age requirement for the selected loan product
- Confirm that at least one loan product is configured for your company
- Check that the property state is valid and supported
- Contact your administrator if issues persist
Calculation errors
If calculations fail or appear incorrect:
- Verify all required fields in the Borrower and Property sections are completed
- Check the loan product configuration with your administrator
- Review the property value and borrower age for accuracy
Missing required information
If you cannot submit the loan, check for:
- Required fields in all sections that may show validation errors
- Incomplete borrower or property information
- Missing appraisal or credit report data
- Consult with your administrator about required fields for your company
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