What Does Referred Status Mean On A Loan Application

 Referred status" on a loan application typically means that the application requires further review or evaluation before a decision can be made. When a loan application is marked as "referred," it usually indicates that the initial automated screening process couldn't make an immediate decision based on the information provided.

Here's what "referred status" might entail:

  1. Manual Review: The application may need to be reviewed manually by a loan officer or underwriter. This involves a more thorough examination of the applicant's financial information, credit history, and other relevant factors.

  2. Additional Documentation: The lender may require additional documentation or clarification from the applicant to help assess their creditworthiness or to verify the information provided in the application.

  3. Further Evaluation: The lender might need more time to assess the risk associated with approving the loan. This could involve analyzing various factors, such as the applicant's income, debt-to-income ratio, employment history, and overall financial stability.

  4. Decision Pending: While the application is in "referred status," the lender hasn't yet made a final decision on whether to approve or deny the loan. The applicant may need to wait until the lender completes the necessary review process before receiving a decision.

  5. Possible Outcome: The eventual decision could result in approval, denial, or a request for additional information or conditions before approval can be granted.

In essence, "referred status" indicates that the loan application requires further attention and evaluation beyond the initial automated screening process. It's a standard part of the loan underwriting process, especially for applications that don't meet all the criteria for automatic approval.

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