An application will automatically appear on the "Not Under Review - Expired" page if the offer made was not accepted by the applicant and the deadline for accepting the offer has passed. This expiration time limit is set on the Product Settings page.
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It is important to note that "Expired" is not the final stage for an application. The loan officer may decide to give the applicant another chance to accept the offer or send a decline notice to the applicant indicating that the offer is no longer available. In addition, if the offer was accepted offline, the loan officer can also mark the application as closed. Each of these actions can be documented with the following functions:
RESEND: This action will allow the loan officer to create a new offer with updated terms to send to the applicant. The applicant will receive a notification for reviewing the renewed loan offer and completing the closing process if they accept the offer. Upon clicking "RESEND", the application will be moved to "Approved - Pending Closing" page.
OFFLINE: Mark the offer as having been accepted and the loan application has been closed offline. Upon clicking "OFFLINE", the application will be moved to "Approved - Ready for Disbursement" page.
DECLINE: Void the previously made offer and send a decline notification to the credit applicant. Clicking on "DECLINE" prompts a pop-up window. You can preview the adverse action letter by clicking on the "PREVIEW" button. Clicking "DECLINE" sends the adverse action letter to the applicant.
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