Loan Stages & File Statuses
Seven fixed loan stages every file moves through, your own file statuses inside them, and hard stops that keep a file from advancing before it's ready.
LendingWise tracks a deal in two layers: loan stages, which are fixed by the platform, and file statuses, which are entirely yours.
The seven loan stages
Every loan walks the same seven stages, whatever the product:
| # | Stage | What happens |
|---|---|---|
| 1 | Application | The deal becomes a structured file under a loan program. |
| 2 | Processing | Documents are collected and outside reports ordered. |
| 3 | Underwriting | The credit decision, conditions and accepted term sheet. |
| 4 | Closing | Legal documents signed, settlement coordinated. |
| 5 | Funded | Money goes out and the loan is live. |
| 6 | Servicing | The loan is run for its whole life. |
| 7 | Paid Off / Sold | The loan leaves your book. |
The stages can't be renamed, reordered, added to or removed. That's what makes them a common language, and it's why borrowers can be shown progress against them. Workflow steps and required documents can be conditioned on a stage.
File statuses
Platform Settings → File Status (Manager role) is your pipeline: your names, your order, as many as you need. It's the most consequential setting in the system. A status is not just a label:
- It's your pipeline. Statuses are what you report on and filter by, and can show on the dashboard with file counts and loan totals.
- It triggers automation. Changing a status can create tasks, send e-mails, fire webhooks, change status again or assign staff. See Automation Rules.
- It controls editing. Permissions can depend on status per user type, so a file can become read-only for borrowers, brokers or branches once it reaches underwriting.
- It can refuse to move. See hard stops below.
Use Sub-Statuses for detail inside a status rather than adding more statuses.
Hard stops
A status change can be gated so a file can't enter a status while required fields are empty, workflow steps are incomplete, or required documents are missing or not yet approved. Managers can override when they need to.
Loan Status Hard Stop Rules is switched on for new accounts with no rules defined, so nothing is blocked until you build a rule.
Renaming a status isn't cosmeticAutomation rules, permissions, required-doc conditions and saved pipeline views all point at statuses. Renaming or deleting one fails quietly; rules simply stop firing. Settle your list before you originate at volume, and move files out of a status before deleting it.
Full detail: in LendingWise, open Loan Origination → User Guide → The Seven Stages, End to End and How the Platform Thinks.
Updated 11 days ago