This article covers all loan statuses and what to expect at each stage. Where the experience differs between a borrower-led application and a manual application (White Label partners only), both flows are noted.
Status | Description | What is next? (Borrower-led) | What is next? (Manual — White Label) |
New | First status, created as soon as the borrower's contact information is collected. | Borrower is sent an email providing access to their personal loan cabinet, where they can monitor their application, upload documents and request draws. | Borrower is NOT notified. All communications are held until the partner clicks Send to Borrower. The partner can review and save the loan before deciding when to bring the borrower in. |
Loan_Terms_Issued | Triggered once the borrower clicks "Next" after adding property info. Preliminary terms are shown based on the information provided. | Borrower should click the "Continue To Term Sheet" button. | Partner reviews the preliminary terms on the confirmation screen. Partner can adjust origination fees before saving. |
Loan_Terms_Selected | The borrower or partner has confirmed the preliminary terms. The preliminary term sheet and proof of funds letter (if applicable) are available for download. | Borrower is sent an email with their preliminary term sheet. | Borrower is NOT notified until the partner clicks Send to Borrower. Partner can save the loan and send to the borrower when ready. The term sheet email is sent to the borrower at that point. |
Appraisal_Invoice_Requested | New Silver has been asked to order the property appraisal and generate an invoice. | New Silver generates the appraisal invoice to be sent to the borrower. | Same as borrower-led. If the borrower has not yet been sent the loan and Borrower-pay is selected, Send to Borrower is triggered automatically before the invoice is sent. |
Appraisal_Invoice_Sent | New Silver has generated and sent the appraisal invoice. The loan is now locked and can no longer be edited. | Borrower pays the appraisal invoice to proceed. | Same as borrower-led. Loan is locked at this point — no further edits to terms or fees. |
Appraisal_Paid | Borrower has paid the appraisal invoice. New Silver is notified to order the appraisal inspection. | All documentation required for the deal must be uploaded prior to inspection. | Same as borrower-led. Partner can upload documents on the borrower's behalf using the Upload Docs action. |
FICO_AVM_Completed | The soft credit check and automated property valuation (AVM) have been completed in the background at the time of appraisal payment. | Terms may be updated based on the FICO pull result. Borrower is notified of any term changes. | Terms may be updated based on the FICO pull result. If the loan is still in Partner Only state, the borrower is NOT notified of term changes — the partner sees the updated terms and the Send to Borrower action re-appears. |
Docs_Uploaded | The required purchase contract and rehab budget documents have been successfully uploaded. | New Silver proceeds to order the appraisal inspection. | Same as borrower-led. |
Appraisal_Ordered | New Silver has ordered the property appraisal. | Borrower is notified via email. Await appraisal results. | Same as borrower-led. |
Manual_Review | Triggered when the borrower selected a multi-family or commercial property type, or when the FICO score could not be retrieved. A co-borrower may be added if the FICO score was too low. | New Silver reviews the loan manually. Borrower may be asked to add a co-borrower. | Same as borrower-led. |
Final_Approved | The borrower has been successfully approved for a loan. | Borrower proceeds to sign the final term sheet. | Same as borrower-led. |
Termsheet_Signed | Borrower has signed the loan agreement term sheet. | Loan proceeds to closing. | Same as borrower-led. |
Rejected | The deal was rejected. | No further action. Contact New Silver for details. | Same as borrower-led. |
Won | The deal has been successfully closed and funded. | Loan moves to servicing. | Same as borrower-led. |
Servicing | The loan is active and being serviced. | Borrower can request draws, monitor their loan status and request a refinance. | Same as borrower-led. |