Status |
Description |
INSTANT APPROVED |
Application has been instant approved by automated underwriting. |
APPROVED PENDING |
Application is approved, but certain conditions must be met. (most common condition being income verification) |
APPROVED |
Application is approved. |
APPROVED/MEMBER DECLINED |
This is a loan that was approved but went elsewhere for the loan. |
COUNTER-OFFER |
Application is declined, but can be potentially approved if customer agrees to new terms. |
User must have both authority to approve and deny app in order to switch status to C/O. | |
DECLINED |
Application is declined. |
| INSTANT DECLINED | Used when system is able to automatically recommend an instant decline via underwriting engine. |
WITHDRAWN |
Indicates the customer doesn't want the loan anymore. |
MEMBER DECLINED CREDIT |
Application declined because customer refuses to allow lender pull credit for analysis. |
PENDING |
Default status. Indicates loan is in process. No decision has been made to approve or deny. |
DUPLICATE |
Application is a duplicate application. |
INCOMPLETE |
Application has not been fully filled out, but is expected to be completed. If won't be completed, then status should be switched to Closed For Incompleteness. |
CANCELED |
Indicates the lender has canceled this app. A reason is then provided. |
NEED MORE INFO |
Lender is waiting for more documents and information to complete the loan. |
CLOSED FOR INCOMPLETENESS |
Application was closed because not enough information was provided and applicant would not provide/respond to request for more information. |
REFERRED |
Application has been referred to someone else for a decision. |
FRAUD |
Indicates application is considered a fraud app because of information received on a credit report or Chex system report has triggered the application to be a higher risk for fraud. Due diligence must be taken to clear the fraud status prior to underwriting or funding. |