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.
This article provides description of the loan statuses in compliance with their internal status ID. This order may not correspond the actual flow of the statuses. For variant of their actual change see the Loan Status Flow.
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Loans with all statuses are displayed on Customers Workplace Loan statuses change according to Loan Status Flow. |
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- Start page ( Customer)
- Origination
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Initial customer details are gathered and Originator makes the initial decision about the LA
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- Cancel
- Recommend for approval
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A final decision (system or manual) was to approve the loan.
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Underwriting
Servicing
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Servicing
Collection
Collateral (if collateral needs to be re-valuated)
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Disbursement of the loan via a payment system is finished unsuccessfully.
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Servicing
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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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