Account and customer statuses help you classify loans by where they are in the lending cycle. If you have loans in the system that have not yet received funding, you might create a status called “Underwriting” in order to help you classify and easily search for these loans.

This article will explore how statuses work and walk you through creating and assigning them.

Highlights

Let's start with some quick points on how they work:

• Statuses are completely customizable. 
• Each account or customer can only have one status at a time.
• An account can also have an optional sub status. 

When creating the statuses and sub-statuses that your company will use, you should think through your company’s loan cycle and add statuses and related sub-statuses that represent all the significant parts of that cycle. Remember to accommodate for the divergent paths loans can take. For example, not every loan will be paid off completely, so make sure you have statuses and sub-statuses to accommodate things like collections and writing the loan off your books.

Statuses really become useful when you pair them with our Automation tools. Status can be used in the rules you write for the Automation Engine, and you can create event-based and trigger-based notifications that will automatically send to your customers based on the loan status change you customize.

We also recommend that you create statuses with distinct purposes from your other grouping tools, like Portfolios and filters.

Create New Account Status

Account statuses and sub statuses help track loans and lines of credit throughout their lifecycle. 

New Loan Status

Navigate to Settings > Loan > Labeling > Loan Status. To edit or delte existing statuses, click the pencil or trash icon. To create a new one, click ‘Add’. 

Enter the name of the status in the 'Title' field. Select a color option for your status, then click 'Save'.

 

 

Sub-Status

You can also add sub-statuses to help further classify loans within a main status. To add a sub-status to an existing status, click 'Add Sub Status'. To add a sub-status to a new status, make sure to select 'Add Sub Status' while creating the new status.

Select a color for your sub-status and then enter a name. Once you're done click 'Save'.

 

 

Customer Statuses

In LMS, borrowers and loans are not synonyms. A borrower can have multiple loans, and a loan can have multiple co-borrowers. Most of our labeling options are applied at the loan level—portfolios, and loan statuses all apply to individual loans, and not the borrowers themselves. 

If each loan only has one borrower, and each borrower only has one loan, then you don't really need to track customers independently from their accounts. But if you have secondary borrowers attached to loans, or a single customer with several loans, you may need a labeling tool that's specific to customers. There are also many situations—like an SCRA adjustment, bankruptcy, or death—where all of those loans need to be serviced. You can make the customer status a part of your process and automations to ensure all of those loans are serviced correctly.

With customer statuses, you can create a custom list of labels that apply to the borrowers themselves.

Creating and assigning customer statuses

Customer statuses are created at the tenant-level and then applied to individual customers. You'll have a single list of labels that can be placed on individual borrowers. Just like how each loan can only have one loan status, each customer can only have one customer status at a given time.

To use them, you'll start with creating your statuses in the Settings tab. Then, you'll navigate to an individual customer's page and update them with the appropriate status.

Assigning Customer Statuses

You can assign customer statuses by navigating to Users > Customer Manager inside your company account. Click the name of the customer whose status you want to change.

On the Contact & Personal Information tab, click the blue “Edit” button.

Update the customer status by choosing a status from the Status drop-down. Click the blue “Save” button.