Application Review: How to Put an Application on Hold

In the early stage of an application review process, a loan officer may decide to put the application review process on hold because the applicant is not yet ready or certain issues relevant to the application review needs time to resolve (e.g. disputed credit report or missing critical information). 

This function exists on the following pages:

• Under Review - Pending Verification

• Under Review - Ready for Screening

• Under Review - Ready for Initial Review

1. Put a New Application on Hold

Clicking on the hyperlinked App # on these pages will open up the individual application page.  Then find the gray "HOLD" button on the bottom right of the page.  Once the Application has been put on hold, it will move from the "Verification Pending" page to the "Not Under Review - On Hold" page. 

 

2. Resume the Review Process of an Application On Hold

Applications that have been put on hold in the last 90 days are displayed on the "Not Under Review - On Hold" page.  To resume the review process, the loan officer will first click on the hyperlinked App # on to open up the individual application page and then use the "Resume" button to return the application to the "Under Review" page where it was last on.

 

3. Decline an Application That Has Been Put On Hold

This usually is necessary when the loan officer decides that the application will not result in an offer due to missing or outdated information.  In such instances, the loan officer can click on the "Decline" button on the bottom right of the individual application page to notify the applicant of the outcome and send the application to the Declined page.