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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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This article provides description of the loan statuses.  The status ID field is provided for internal purposes but can be used by the customers to refer to a specific status in their communication with the company support.
The order of statues may not correspond the actual flow of the statuses (see Loan Status Flow)


Status ID
Status name: displayed (system)
Status name
(displayed)
Preconditions
Description
Workplaces where loans with this status are shown
Possible Status Change Actions
Typical Role(s)
0

Pre-Origination


(PreOrigination)

N/A
  • Loan Application is being created
  • Customer logs-in or an account is created for the customer
  • Start page
  • Origination
  • Customer
    • Originator

    1
    Origination
    (
    Origination
    )

    • Customer created in the system
    • Basic customer and loan details are collected and entered into the system
    • Initial decision to recommend/not recommend the loan application for approval is being made
    • Origination
    • Recommend for approval
    • Cancel
    • Originator
    • Customer (only for cancelling)
    12Collateral
    (Collateral)
    • Loan application recommended for approval at the Origination Stage 

    AND

    • Collateral evaluation is required for the credit product 
    • The loan's collateral is being added and evaluated
    • Decision to recommend/not recommend the loan application for approval is made
    • Collateral 
    • Recommend for approval
    • Return for reprocessing
    • Reject
    • Cancel
    Collateral Manager
  • Customer (only for cancelling)
    • 3Auto Processing
    (AutoProcessing)

    ???
    • Loan application recommended for approval at the Origination Stage 

    AND

    • If required, loan application recommended for approval at the Collateral stage
    • System is automatically processing the loan application in compliance with the credit product settings (Credit Bureau request, Business Rules and Scorecard checks)
    • Automatic decision to recommend/not recommend the loan application for approval is made 
      OR
      Automatic decision to approve the loan is made
    • Underwriting
      (the actions are performed at the background and their results are visible on the Underwriting workplace)
    • Automatically recommend for approval
    • Automatically Approve
    • Automatically reject 
    • Cancel
    • N/A (TurnKey Lender)
    • Customer (only for cancelling)
    • Underwriter (only for cancelling)
    24Risk evaluation

    (RiskEvaluation)


    • Two-step approval is required for the credit product

    AND

    • Loan application passed all the required Auto Processing checks
    • Loan application is being pre-checked by an authorized Credit Manager
    • Decision to recommend/not recommend the loan application for approval is made
    • Risk Evaluation
    • Recommend for approval
    • Return for reprocessing
    • Reject
    • Cancel
    • Credit Manager
    • Customer (only for cancelling)
    2Reprocessing
    (Reprocessing)

    • Loan application returned for reprocessing
      (after Collateral or Risk Evaluation, or by an authorized Underwriter)
    • Basic customer details are edited or updated
    • Initial decision to recommend/not recommend the loan is confirmed or updated
    • Origination
    • Recommend for approval (repeatedly)
    • Cancel
    Originator
    4Waiting For Approval

    (WaitingForApproval)


    • Manual approval is required for the credit product

    AND

    • Loan passed all the required checks at Auto-processing

    AND

    • If required, loan application is recommended for approval at the Risk Evaluation stage
    • Loan application is awaiting for the decision of an authorized Underwriter
    • Authorized Underwriter is taking the final decision on the application approval
    • Underwriting
    • Approve
    • Return for reprocessing 
    • Reject
    • Cancel
  • Underwriter
    • Customer (only for cancelling)
    5
    Approved
    (
    Approved
    )


    • Loan application was approved at the end of Auto Processing or Underwriting stage
    • Loan application is awaiting for disbursement
      BUT
    • It can still be rejected by an Authorized Underwriter 
    • Servicing
    • Underwriting
    • Initiate disbursement (Servicing)
    • Reject (Underwriting)
    • Cancel
    Underwriter
  • Customer (only for cancelling)
    • 6
    Rejected
    (
    Rejected
    )


    • Loan application was rejected
      (as a result of Collateral or Risk evaluation; Auto Processing or authorized Underwriter's decision)
    • Processing of the loan application is on hold
      BUT
    • It can still be approved or sent for reprocessing by an authorized Underwriter
    • Loan application is added to the archive
    • Origination
    • Collateral
    • Risk Evaluation
    • Underwriting
    • Archive 
    • Sent for reprocessing
    • Approve
    16

    Gathering Investments

    		Not all required loan amount is funded

    Servicing


    7

    Active

    (Active)
    • The loan was disbursed to the customer.

    Loan is being serviced:

    • Schedule is updated
    • Payments are collected
    • Any payment issues are registered
    • Servicing
    • Collateral (if collateral needs to be re-valuated) 
    • Register payment 
    • Restructure the loan
    • Set the loan to paid-off
    • Set the loan to repaid
    8
    PastDue

    Past Due

    • Loan payment wasn't performed on time
    • There is a past-due debt for this loan.
    • Servicing
    • Collection
    • Collateral (if collateral needs to be re-valuated) 
    • Register payment 
    • Restructure the loan
    • Set the loan as paid-off
    • Set the loan as repaid
    9
    Closed_

    Repaid

    Repaid
    The loan is fully repaid and closed.Archive
    +
    FINAL STATUS
    10
    Closed_WrittenOff

    Written off

    		The loan was written-off by the system or manually and closed.Archive
    +
    FINAL STATUS
    11
    RolloverRequested

    Rollover Requested
    not applicable starting from version 7.0

    		The customer requested to roll over the loan.Servicing
    Collateral (if collateral needs to be re-valuated) not applicable starting from version 7.013DisbursementFailed 
    Allow Rollover
    13

    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

    16P2P_GatheringInvestmentsGathering InvestmentsNot all required loan amount is funded

    Servicing

    17OfferConfirmationTO DO18WaitingForCustomerSignatureSigning

    ????

    		The loan is restructured.ArchiveFINAL STATUS
    17

    Waiting for offer confirmation

    • Loan was approved
    • Offer was sent to the customer



    18

    Waiting for signature


    		The loan agreement is sent to the customer for signingUnderwriting

    19
    Closed_AgreementDeclined

    Agreement Declined


    		The borrower declined the loan  agreementArchive
    +
    FINAL STATUS
    20
    Closed_AgreementExpired

    Agreement

    Expired

    expired


    		The borrower didn't make a decision about the loan agreement during the Expiry Period DaysArchive
    +-
    FINAL STATUS
    21
    Closed_DeletedCustomer

    Customer deleted


    		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 verificationUnderwriting
    101
    Closed_BankAccount_
    Verification_ExpiredBank Account Verification ExpiredBankAccount_Pending_Verification 
    Bank account verification expired
    		The Bank Account Verification period has expired. Loan closedArchive+
    102
    BankAccount_Pending_Verification BankAccount_Waiting_RemoteService 

    Waiting for Bank Account Verification


    		The Bank account is not yet verifiedRisk Evaluation
    103
    BankAccount_Waiting_RemoteService PendingInitialPayments

    Waiting for response from the bank service provider


    		Waiting for response from the remote bank provider serviceRisk Evaluation
    200
    InitialPayments_PreApproval PendingInitialPayments

    Pending Initial Payment


    		A client is expecting the very first loan deliveryUnderwriting
    201
    InitialPayments_PreDisbursementInitialPaymentsExpired

    Pending Predisbursment Payment


    		A client is expecting the very first loan deliveryUnderwriting
    250
    Closed_InitialPaymentsExpired

    Expired Initial Payment


    		When a loan delivery date is dueUnderwriting
    301
    Closed_OfferDeclined OfferDeclined

    Offer Declined


    		When a borrower declines the offerArchive
    302
    Closed_OfferExpired OfferExpired

    Offer Expired


    		When a borrower has not replied to the offer in a given time periodArchive

    Further reading

    See also

    More on loans:

    ...