Understanding the Different Statuses on the Borrowers Record

Each status on the borrowers record tells a story and you should be aware of what status you are in.

Pre-Underwriting- The loan has all borrower docs in for initial submission. The internal underwriters are reviewing the file and running AUS to prepare for the submission to the investor.

Submitted - loan is submitted to the investor pending approval.

Suspended - the loan went to investor and they determined there is an credit issue that we need to resolve before they can issue an approval. Refer to the suspense condition in the conditions tab. 

Approved - Congrats, you have an approval for your borrowers loan. All conditions can be found in the conditions tab at this point. The processor will work to get the condition requested automatically.

Condition Requested - The conditions from the approval are now stiped out to the borrower and you have been alerted of all the conditions the borrower needs to upload so you can follow up. We don't want to be in this status for long so lets hurry to get borrower docs!

Conditions Submitted - The processor has submitted back conditions to the investor for CTC review.

Reconditioned - Additional conditions are needed based on the the investors review of documents uploaded. The LO willl be alerted of the additional conditions requested from borrower to follow up.

Clear to Close - Congrats! We are clear to close the loan, the closer will begin to work with title to get documents out for the final signing with notary. 

Docs Out - We are all balanced and the closing package has been sent to title for the notary appointment.