Status

Description

What is next?

New

First Status, When Deal is Created As Soon As The Borrowers Contact Information Is Collected

Borrower is sent an email that provides them access to their personal loan cabinet. This is where they can monitor their applications and loans.

Status

Description

What is next?

Part1_Completed

After The User Completes The First Part Of The Application and Clicks Submit

Status

Description

What is next?

Application_Fee_Paid

After User Adds Social Security Number and Clicks Next (User’s No Longer Add credit Card Details Or Pay $1 For The Application)

Status

Description

What is next?

FICO_AVM_Completed

After FICO and AVM Is Done. This means that the automatic property valuation and borrower underwriting was completed.

Status

Description

What is next?

Loan_Terms_Selected

After They Select Terms and Click Submit. Borrower has been conditionally approved for a loan and provided additional loan details

Status

Description

Appraisal_Invoice_Requested

You have requested that New Silver order the property appraisal and generate an invoice for the appraisal to be sent to your borrower

Status

Description

Appraisal_Invoice_Sent

New Silver admin has generated the required appraisal invoice to be sent to the borrower.

Status

Description

Appraisal_Paid

Borrower ha paid the required property appraisal which will notify New Silver to order the appraisal inspection.

All documentation required for the deal must be uploaded prior to inspection.

Status

Description

Docs_Uploaded

Borrowers has successfully uploaded the purchase contract and rehab budget docs required for appraisal

Status

Description

Appraisal_Ordered

New Silver has ordered the property appraisal, and the borrower will be notified via email.

Status

Description

Manual_Review

Borrower either selected Multi-family or Commercial property type during the application or we are unable to retrieve FICO score. Borrower may add a co-borrower if FICO score was too low.

Status

Description

Final_Approved

Borrower has been successfully approved for a loan

Termsheet_Signed

Borrower has signed the loan agreement term sheet

Rejected

Deal was rejected

Won

Won deal

Servicing

Borrowers can request draws, see information on the status of their loan and request a Refinance of their loan.