Loan status description
Here is a breakdown of Spring Eq's loan statuses:
Registration Incomplete: The loan has been started, however has not been completely registered
Wholesale App Registered: Loan has been registered and is pending initial disclosures
App Taken-Docs Needed: Initial disclosures have been sent and there are outstanding Prior to Approval Conditions
App Taken-Notice of Incompleteness Sent: All Prior to Approval documents have not been provided within 1 week of registration.
App Submitted: Loan queued up for Pre-Income Review
Submission Review Required: Pre-Income Review Complete-Loan needs to be restructured
Initial Underwriting: Loan has been submitted for an Initial Underwriting Review
Conditional Approval: Loan is conditionally approved with open Prior to Closing conditions
Verify/Restructure: Loan reviewed by underwriting and is not approvable by underwriting at this time and needs to be restructured
Suspense: Loan reviewed by underwriting and has been declined without immediate workaround options
Verify/Borrower Unresponsive: Account Manager has 3 active attempts to connect with the MLO or Processor to restructure the file and there has been no response.
Resubmittal: Loan has been resubmitted for Underwriter to review.
Clear to Close: Underwriting has cleared the file to close
Ready for Docs: Loan is in queue for closing
Docs Drawn: Documents are ready to be sent to the closing agent
Docs Sent: Documents have been sent to the closing agent
Funding: Loan is on track for funding
Purchased: Loan has been purchased by Investor