File Status/Loan Stages

Platform Settings→ File Status

The system comes with default primary file statuses like Lead, Application Started, Completed App, Pre-Approved, Processing, Underwriting, Clear to close, Closed, Draws, Servicing, Sold, Archived. These stages represent the life cycle of a loan from lead to closed loan & even post closing. You can edit, add, or remove these statuses however you want, but the more you add the harder it is to see all your files in the pipeline within one view. A file cannot be under more than 1 Status at a time, so they should represent critical and high level stages that you want to see at a glance where your files are in the life-cycle. You can use sub-statuses to help track additional statuses or stages of your files.

File Status permissions allow you to control the following:

• Set files to Read Only for based on each User Type. For example, if a file is in underwriting, you may not want the borrower, broker or branch to edit the loan data.
• Show file status with # of files & aggregate loan amount in all user's respective dashboard.
• Show/Hide the file status inside the borrower's pipeline via their portal. (Only relevant, if you let borrowers login)
• Add a description to Statuses, so on mouse over of the Status in the pipeline, all users can see what the expectations & meaning of files in the respective status/stage mean.

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Note:

If you remove a status that has active files, they will be in your pipeline with NO status. So you should always re-assign files to their proper status before deleting a status. See FAQ section on how to mass update loan files from the pipeline.

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TIP

You can trigger Emails, Tasks, webhooks, based on a file primary status for X # of days. See automation rules for this.

The grid below shows the file editing permissions by user type:

1. Broker has edit access to a loan application if the primary status is set to Sold.
2. Borrower has edit rights to the loan application only if it's primary status of Lead, Application Started and Completed App.
3. Backoffice has edit access to all primary file status, but not "Completed App"