New:

New submissions received and waiting to be reviewed

Under Review:

Loan is in review for pre-approval

Pre-Approved:

Loan has been reviewed and pre-approved.  Qualified programs may offer to borrower(s) to select program for processing.

Program Review:

Our loan expert is reviewing pre-approved loan to provide qualified programs to borrower(s) to select the best program to start the processing.

In Process:

Upon receipt of borrower’s selected program the loan is prepared for submission to lender for underwriting approval.

Approved:

Lender provided a formal underwriting approval with detailed conditions to be provided to lender within a certain time frame by requested parties (borrower, escrow, title, appraiser etc.).

Docs:

All doc conditions are met and satisfied.  Rate lock and Doc Request are confirmed by borrower(s).

In Funding:          

Loan docs are signed by borrower(s) and returned to lender for review.  All funding conditions must be met and satisfied.

Funded:

Funds are wired from Lender to the Title or Escrow company.  Recording is scheduled by Escrow normally the day after the loan has funded.

Closed:

Loan has funded, recorded and is now closed.  Escrow disburses all funds (after the loan has recorded) within 1-2 business days to appropriate parties.

Pending:

Waiting for outstanding conditions from the borrower and third parties (Appraisal, Title, Escrow etc.) to meet lender’s approval requirements.

Denied:

Loan does not meet any available programs based on borrower’s qualifications.

Hold:

Loan is inactive for a certain period of time (normally 45 days after submission).

Cancelled:

Borrower(s) has requested a cancellation of the loan process.