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, upload documents and request draws. |
Status | Description | What is next? |
Loan_Terms_Issued | Status is triggered once Clicks "Next" after adding the property info. Borrower is shown preliminary terms based on the information they have provide | Borrower should click the "Continue To Term Sheet Button" |
Status | Description | What is next? |
Loan_Terms_Selected | After click the "Continue To Term Sheet Button" the borrower is able to download their preliminary term sheet and proof of funds letter (if applicable). | Borrower is sent an email with their preliminary term sheet. |
Status | Description | What is next? |
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 |
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Status | Description |
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Appraisal_Invoice_Sent | New Silver admin has generated the required appraisal invoice to be sent to the borrower. |
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Status | Description |
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Appraisal_Paid | Borrower has 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. |
FICO_AVM_Completed | The Soft Credit Check happens in the background at the same time the borrower makes the appraisail payment. After FICO and AVM Is Done. This means that the automatic property valuation was completed. |
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Status | Description |
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Docs_Uploaded | Borrowers has successfully uploaded the purchase contract and rehab budget docs required for appraisal |
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Status | Description |
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Appraisal_Ordered | New Silver has ordered the property appraisal, and the borrower will be notified via email. |
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Status | Description |
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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. |
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Status | Description |
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Final_Approved | Borrower has been successfully approved for a loan |
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Termsheet_Signed | Borrower has signed the loan agreement term sheet |
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Rejected | Deal was rejected |
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Won | Won deal |
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Servicing | Borrowers can request draws, see information on the status of their loan and request a Refinance of their loan. |
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