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Change the status of a loan and status definitions

Marnie George avatar
Written by Marnie George
Updated this week

Keep track of your loan’s progress with the "Status" column in Finmo. These statuses can be manually adjusted or automatically updated based on borrower and lender actions.

How to change the status of a loan from the Loans dashboard?

1. In the "Status" column on the loan dashboard, click the status of the loan you'd like to update

How to change the status of a loan from within the application?

1. Within the “Overview” or “Application” tab, click on the status drop down menu on the right side of the screen to select the new status.

What do the statuses mean?

Status name

Definition

App intake

  • Initial stage where a loan is created in Finmo (by broker or borrower)

  • Preliminary data is gathered until the borrower submits all required information for financial assessment

Initial review

  • Borrower has submitted enough information for credit, income, and debt analysis, but has not provided all 6 pieces of information for TRID requirements

  • Loan officers may issue pre-qualification

  • Status ends when the borrower finds a property or signals intent to proceed with application

Processing

  • Final piece of information for TRID requirements has been entered

  • LO and team prepare for submission through hard credit pulls, product selection, document collection, and disclosure generation

  • Status ends when loan is submitted to lender

Underwriting

  • Loan has been submitted to Rocket Pro

  • Status ends when all underwriting conditions are satisfied and the closing disclosure (CD)is signed

Cleared to close

  • The closing disclosure (CD) has been signed by all parties

  • Status ends when funds are disbursed and the loan is fully closed

Closed and funded

  • Loan funds have been disbursed and the loan process has ended

  • Note: Once you select this status, you will not be able to change it again

Did not fund

  • Loan is no longer active and will not proceed to funding due to borrower withdrawal, credit denial, inactivity or other reasons

  • Note: Once you select this status, you will not be able to change it again.

Should you need further help please click the chat button in Finmo or send an email to supportus@lendesk.com

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