Loan Status Details Table

This table provides a detailed 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 to the actual flow of the statuses, moreover, some of the table peculiarities may vary in some specific cases. 

Some statuses can appear at several points of the same flow and are mentioned in the table several times. 

Icon
Status
Preconditions
Description
Workplaces 
Possible Status Change Related Actions

Pre-Origination (0)

  • A customer or back-office user has started the creation of an application
    AND
  • The application hasn't yet been submitted
  • A lA loan Application is being created
  • Customer logs in or an account is created for the customer
  • Start page
  • Origination

Origination (1)
  • The customer is created in the system
  • Basic customer and loan details are collected and entered into the system
  • The initial decision to recommend/not recommend the loan application for approval is being made

Origination

  • Recommend for approval
  • Cancel the application


Pending Initial Payment (200)

  • The loan application has been recommended for approval  
    AND
  • The credit product requires a commission of a "Pre-approval fee" type

OR

  • The loan application has been approved
    AND
  • The credit product requires a commission of a "Pre-disbursement fee" type
  • We are waiting for the customer to pay a pre-approval/pre-disbursement fee

Underwriting

  • Confirm that the payment has been received (enables further processing)
  • Cancel the application

Initial payments expired (250)

  • Pre-approval/Pre-disbursement fee has not been paid within the defined period (before the start date define for the credit product)
  • The loan application is closed

Archive

Final Status

Collateral (12)
  • Collateral evaluation is required for the credit product ("Credit product → Use collateral" is on)
    AND
  • The loan application has been recommended for approval at the Origination 
  • The loan's collateral is being added and evaluated
  • The decision to recommend/not recommend the loan application for approval is made

Collateral 

  • Recommend for approval
  • Return for reprocessing
  • Reject the application
  • Cancel the application
Auto Processing (3)
  • Loan application recommended for approval at the Origination Stage 
    AND
  • If required, the initial payment has been made
    AND
  • If required, the loan application has been recommended for approval at the Collateral stage
  • The system is automatically processing the loan application in compliance with the credit product settings (Credit Bureau request, Business Rules, and Scorecard checks)
  • Subject to the system and credit product settings, an automatic decision to recommend/not recommend/approve/reject the loan is made
  • Risk Evaluation
  • Underwriting 

(the actions are performed in the background and their results are visible in the Underwriting and Risk Evaluation workplaces)

  • Automatically recommend for approval
  • Automatically approve
  • Automatically reject 

Risk evaluation (24)

  • The credit product requires a two-step approval
    AND
  • The loan application satisfies all the previous conditions and checks (initial payment, collateral, auto-processing) 
  • The loan application is being pre-checked by an authorized Credit Manager
  • A decision to recommend/not recommend the loan application for approval is made (if recommended, the loan moves on to Underwriting)

Risk Evaluation

  • Recommend for approval
  • Return for reprocessing
  • Reject
  • Cancel the application

Bank Account Verification (100)

  • The loan application has been recommended for approval 
    AND 
  • The bank account defined for the loan application has not been confirmed

(this check may be performed at different steps of the loan application assessment (before disbursement)

A bank account verification process is required

Underwriting
  • Request the customer to pass the bank account verification
  • Return for reprocessing
  • Cancel the application

Waiting for Bank Account Verification (102)

  • A bank account verification has been requested

We are waiting for the customer to verify the bank account

  • Risk Evaluation
  • Underwriting 
  • Contact the customer
  • Return for reprocessing
  • Cancel the application


Waiting for a response from the bank service provider (103)

  • The customer has passed bank account verification but the answer from the service provider has not been received
We are waiting for a response from the remote bank provider service
  • Risk Evaluation
  • Underwriting 
  • Request another check
  • Contact the service provider (beyond the system) 
  • Return for reprocessing
  • Cancel the application
Bank account verification expired (101)
  • The bank account defined for the loan application has not been confirmed within the defined period

The loan application is closed

ArchiveFinal status

Reprocessing  (2)
  • The loan application was returned for reprocessing
    (after Collateral or Risk Evaluation, or by an authorized Underwriter)
  • Basic customer details are edited or updated
  • The initial decision to recommend/not recommend the loan is confirmed or updated

Origination

  • Recommend for approval (repeatedly)
  • Cancel the application

Waiting For Approval (4)
  • Manual approval is required for the credit product
    AND
  • The loan application satisfies all the previous conditions and checks (initial payment, collateral, auto-processing, risk evaluation) 
  • The loan application is awaiting the decision of an authorized underwriter
  • An authorized underwriter is taking the final decision on the application approval

Underwriting

  • Approve
  • Return for reprocessing 
  • Reject
  • Cancel the application

Waiting for offer confirmation (17)

  • An underwriter has initially approved the loan and sent the customer an offer (or several offers)
  • The offer has not yet been confirmed by the customer

We are waiting for the customer to accept an offer

Underwriting
  • Contact the customer
  • Register offer confirmation in the system
  • Cancel the application

Offer declined (301)

  • The customer has declined the offer

The loan application is archived

ArchiveFinal status

Offer expired (302)

  • Offer(s) has been sent to the customer
    AND
  • No offer has been confirmed by the customer within the specified time period
  • The offer has not been confirmed
  • The application is archived
ArchiveFinal status

Waiting for signature (18)

  • The loan application satisfies all the previous conditions and checks (in particular the offer is confirmed)
    AND
  • An agreement has been sent to the customer  
We are waiting for the customer to sign the agreementUnderwriting
  • Contact the customer
  • Cancel the application

Agreement declined (19)

  • The agreement has been sent to the customer
    AND
  • The customer has declined the agreement

The loan application is archived 

ArchiveFinal status

Agreement expired (20)

  • The agreement has been sent to the customer
    AND
  • The customer has not signed the agreement within the defined time period
The loan application is archived ArchiveFinal status

Waiting for Down payment (23)

  • The customer has confirmed the offer (if required)
  • The credit product requires a commission of a "Down payment" type
The loan is waiting for a Down payment.
  • Underwriting
  • Servicing
  • Contact the customer
  • Register payment in the system 
  • Cancel the application

Approved (5)
  • The loan application satisfies all the previous conditions and checks
  • The loan application has been approved (as a result of Auto Processing or at the Underwriting workplace)
  • The loan application is awaiting disbursement
    BUT
  • It can still be rejected by an Authorized Underwriter 
  • Servicing
  • Underwriting
  • Initiate disbursement (Servicing)
  • Reject (Underwriting)
  • Cancel the application

Rejected (6)

  • The 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
  • The loan application is added to the archive
  • Underwriting
  • Archive 
  • Sent for reprocessing
  • Approve

Gathering Investments

  • The loan application has been approved
  • The credit product implies peer-to-peer investment
  • Not all required loan amount has been collected
  • Investments for the loan are being collected

Servicing

  • Reject
  • Cancel 
  • Register collection of the full amount of the investments in the system

Disbursement in Progress (14)

Back-office user has initiated disbursement over a third-party systemDisbursement of the loan via a payment system is currently processing.Servicing
  • Cancel
  • Disburse manually

Disbursement Failed (13)

  • Back-office user has initiated disbursement over a third-party system
    AND
  • The disbursement has failed
The flow is back to the state where it was before the disbursement

Servicing
  • Initiate disbursement (Servicing)
  • Cancel the application

Active (7)

  • The loan has been successfully 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) 
  • Collection (if there are any past dues)
  • Register payment 
  • Restructure the loan
  • Set the loan to the paid-off status
  • Set the loan to the repaid status

Past Due (8)

  • The loan payment wasn't performed on time

There is a past-due debt for this loan that has to be paid

  • 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

Repaid (9)

The loan is fully repaid and closed.ArchiveFinal status

Written off (10)

The loan was automatically or manually written off and closed.ArchiveFinal Status

Customer deleted (21)


The loan is closed because the customer has been deleted.
Not visibleFinal status

Canceled (22)


The loan is canceled and closed at any of the stages above
ArchiveFinal status