Appendix: Loan Status

Loans in HDS Single Family will have one of the four following statuses:

• Current: Indicates that the loan, no matter the stage, has met all requirements set forth by the program and completed, or is still within the allotted time to complete all documentation in a timely manner. If applicable, the current working stage can be approved and the loan moved to the next working stage.
   
• Exceptions: Indicates that loan documents have not met a particular requirement or set of requirements, as defined by the program, and the loan has triggered an exception. (Examples: a loan document is late, or a signature is missing from a document.) Loans with exceptions cannot proceed to the next stage, and in some instances, can be cancelled if the exception is not cleared within an allotted period. Exceptions can be corrected so that the current loan may proceed to the next working stage.
   
• Cancelled: Indicates that the loan has been cancelled. This may be due to the borrower cancelling the loan, or to the loan reaching a critical exception which automatically cancels the loan. All loan screens are at this point locked. Cancelled loans can be un-cancelled, allowing you to continue processing the loan.
   
• Rejected: Indicates that the loan has been rejected by the agency, meaning that the loan doesn’t meet a specific loan requirement. Unlike Cancelled loans, Rejected loans cannot be un-cancelled.