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 |
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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) |
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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. |
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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 |
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Status | Description |
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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 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 |
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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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