LendingPad Statuses

These are the status and how system advances its status throughout a life-cycle of a loan. System will automatically default to the latest status with status date being today or in the past.

Statuses Before an Active Loan Application	Description
Lead	Critical dates → Lead. Defined by "Lead Date" in the Critical dates section, this status is usually imported from lead providers via direct integration or via .csv/spreadsheet file upload. A lead record must have an associated campaign attached.
Pre-approval	Critical dates → Preapproval. Defined by "Pre Approval" date in the critical dates section.
Pre-qualification	Critical dates → Pre-qualification. Defined by "Pre Qualified" date in the critical dates section.
Prospect	Critical dates → Prospect Status in Pipeline section for loans without an application. It must have a branch associated with each Prospect file.

Statuses When and After a Loan Application is Taken	Description
Registered	Critical dates → Registered. Used in the wholesale channel when a broker registers a loan. The pricing info (if integrated with a pricing engine) will be transferred to the Disclosure tab automatically. This status is an electronic registration with lock or float options. Submit to Lender option in Action for brokers will appear.
Application Taken	Critical dates → Application Taken. Loans with application taken date being today or in the past.
Processing	Critical dates → Processing. Loans submitted to and having a loan processor assigned.
Broker Initial Submission	Critical dates → Broker Initial Submission. Used in the wholesale channel when brokers are ready to submit documents for underwriting. Account managers will then review and make sure the file is ready for underwriting. See settings/wholesale/loan document types area for doc types configuration.
Initial Submission	Critical dates → Initial Submission. Used for retail loans with an initial submission date. Submit to Lender option in Action will not appear.
Approved	Critical dates → Approved date is today or in the past. Retail or wholesale channels. Submit to Lender option in Action will appear for wholesale.
Suspended	Critical dates → Suspended date is today or in the past. Retail or wholesale channels. Submit to Lender option in Action will appear for wholesale.
Pre-Deny	Critical dates → Pre-Deny date is today or in the past. Retail or wholesale channels. Submit to Lender option in Action will appear for wholesale.
Broker Condition Submission	Broker-submitted conditions to wholesale lender. Wholesale channel only. Brokers initiated action to let lenders know conditions are ready to be reviewed.
Condition Submission	Used for retail loans when a user submitted a loan with a condition submission date. Submit to Lender option in Action will not appear for wholesale.
Clear To Close (or CTC)	Critical dates → CTC date is today or in the past. Retail or wholesale channels.
Denied	Critical dates → Denied date is today or in the past. Retail or wholesale channels. Recommend to use Pre-deny status to have a secondary level review first. This is one of the HMDA statuses.
Withdrawn	Critical dates → Withdrawn date is today or in the past. Retail or wholesale channels. This is one of the HMDA statuses.
Not Accepted or Unaccepted	Critical dates → Not Accepted (or Unaccepted) date is today or in the past. Retail or wholesale channels. This is one of the HMDA statuses.
Incomplete	Critical dates → Incomplete date is today or in the past. Retail or wholesale channels. This is one of the HMDA statuses.
Rescinded	Critical dates → Rescinded date is today or in the past. This date is controlled in the Disclosure → CD box. Retail or wholesale channels.
Closing (or Closed)	Critical dates → Closing (or Closed) date is today or in the past. Retail or wholesale channels. This field will trigger billing on LendingPad system for a lender.
Funding (or Funded)	Critical dates → Funding (or Funded) date is today or in the past. Retail or wholesale channels.
Post Closing	Critical dates → Post Closing date is today or in the past. Retail or wholesale channels.
In Shipping	Critical dates → In Shipping date is today or in the past. Retail or wholesale channels.
Purchased	Critical dates → Purchased date is today or in the past. Retail or wholesale channels.
Servicing	Critical dates → Servicing date is today or in the past. Retail or wholesale channels.