Loan Stage Definitions & Communications
An automated email notification is sent to the loan officer attached to the file each time the loan transitions to a new stage.
Stage | Meaning | Transition (Communication Trigger) |
|---|---|---|
Application Created | Application started, but not yet completed | Application completed -> |
Manual Review | Application completed, but ineligible for pre-approval | Generate pre-approval -> |
Pre-Approval | Application completed, and approved | Loan officer starts uploading documentation -> |
Processing | Loan officer gathering documentation and preparing for underwriting | Structured loan -> |
Underwriting | Application structured, and being underwritten | All conditions met -> |
Suspended | The Underwriter has reviewed the file, but is unable to move forward due to a material issue such as LTV, DTI, or another major blocker with the structure of the loan | |
Conditionally Approved | Application locked, underwriting complete with all conditions met | Underwriter submits for final review -> |
Final Review | Application locked, underwriting complete with all conditions met, and final review happening | Final approval granted -> |
Clear to Close | Application cleared to close | Generate closing docs -> |
Docs Out | Closing documents out to Borrower | Documents signed -> |
Funding | Loan being funded | Funds disbursed -> |
Shipping | Loan package being prepared for investor delivery | Delivered to investor -> |
Post Closing | Loan being bid on by capital markets partner | Investor commits -> |
Purchased | Loan purchased by capital markets partner | x |