Loan has its own lifecycle that starts with its creation and goes through different recommendation and approval stages, and end when the load has been, for example, paid off, rejected or cancelled. To make it easier to follow this cycle, loans are assigned statuses that changes as they are being processed. "Workflow" tab of the loan details provides an overview of the main statuses in the history of a specific loan.
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Loans with all statuses are displayed on Customers Workplace Loan statuses change according to Loan Status Flow. |
Status ID | Status name (system) | Status name (displayed) | Description | Workplaces where loans with this status are shown | Possible Status Change Actions | Comment |
|---|---|---|---|---|---|---|
| 0 | PreOrigination | - | Loan Application (LA) is being created by Customer or Originator |
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| 1 | Origination | Origination | Initial customer details are gathered and Originator makes the initial decision about the LA | Origination |
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| 3 | AutoProcessing | Auto Processing | The LA has been recommended for approval and system is currently processing the loan (requesting Credit Bureau, checking corresponding Business Rules and Scorecard) | - | ||
| 4 | WaitingForApproval | Waiting For Approval | A final decision cannot be made automatically and should be made by the Underwriter | Underwriting | ||
| 2 | Reprocessing | Reprocessing | A loan was returned for reprocessing by the UnderwriterOrigination | |||
| 5 | Approved | Approved | A final decision (system or manual) was to approve the loan. | Underwriting | ||
| 6 | Rejected | Rejected | The final decision (system or manual) was to reject the loan. | Underwriting Archive | ||
| 7 | Active | Active | The loan is disbursed to the customer. | Servicing Collateral (if collateral needs to be re-valuated) | ||
| 8 | PastDue | Past Due | There is a past-due debt for this loan. | Servicing | ||
| 9 | Closed_Repaid | Repaid | The loan is fully repaid and closed. | Archive | + | |
| 10 | Closed_WrittenOff | Written off | The loan was written-off by the system or manually and closed. | Archive | + | |
| 11 | RolloverRequested | Rollover Requested | The customer requested to roll over the loan. | Servicing Collateral (if collateral needs to be re-valuated) | not applicable starting from version 7.0 | |
| 12 | Collateral | Collateral | The loan's collateral needs to be added, evaluated, and approved | Collateral | ||
| 13 | DisbursementFailed | Disbursement Failed | Disbursement of the loan via a payment system is finished unsuccessfully. | Servicing | ||
| 14 | DisbursementInProgress | Disbursement in Progress | Disbursement of the loan via a payment system is currently processing. | Servicing | ||
| 15 | Closed_Restructured | Restructured | The loan is restructured and closed. | Archive | + | not applicable starting from version 7.0 |
| 16 | P2P_GatheringInvestments | Gathering Investments | Not all required loan amount is funded | Servicing | ||
| 17 | OfferConfirmation | TO DO | ||||
| 18 | WaitingForCustomerSignature | Signing | The loan agreement is sent to the customer for signing | Underwriting | ||
| 19 | Closed_AgreementDeclined | Agreement Declined | The borrower declined the loan agreement | Archive | + | |
| 20 | Closed_AgreementExpired | Agreement Expired | The borrower didn't make a decision about the loan agreement during the Expiry Period Days | Archive | + | |
| 21 | Closed_DeletedCustomer | - | The loan is closed because the customer has been deleted. | - | + | |
| 22 | Closed_Canceled | Canceled | The loan is canceled and closed. | Archive | + | |
| 23 | WaitingForDownPayment | Waiting For Down payment | The loan is waiting for a Down payment. | Underwriting, Servicing | ||
| 24 | RiskEvaluation | Risk Evaluation | The application is under review of the risk manager. | Risk Evaluation | ||
| 100 | BankAccount_Verification | Bank Account Verification | The loan agreement is waiting for bank verification | Underwriting | ||
| 101 | Closed_BankAccount_Verification_Expired | Bank Account Verification Expired | The Bank Account Verification period has expired. Loan closed | Archive | + | |
| 102 | BankAccount_Pending_Verification | BankAccount_Pending_Verification | The Bank account is not yet verified | Risk Evaluation | ||
| 103 | BankAccount_Waiting_RemoteService | BankAccount_Waiting_RemoteService | Waiting for response from the remote bank provider service | Risk Evaluation | ||
| 200 | InitialPayments_PreApproval | PendingInitialPayments | A client is expecting the very first loan delivery | Underwriting | ||
| 201 | InitialPayments_PreDisbursement | PendingInitialPayments | A client is expecting the very first loan delivery | Underwriting | ||
| 250 | Closed_InitialPaymentsExpired | InitialPaymentsExpired | When a loan delivery date is due | Underwriting | ||
| 301 | Closed_OfferDeclined | OfferDeclined | When a borrower declines the offer | Archive | ||
| 302 | Closed_OfferExpired | OfferExpired | When a borrower has not replied to the offer in a given time period | Archive |
Further reading
- The previous version of this article (in Russian / на русском): /wiki/spaces/EL/pages/38396
- Original article: Loan Status
See also
More on loans:
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