Status Flow of a Deal

The status of the application is updated automatically until the deal is accepted by your office. The statuses that the application progresses through until acceptance are as follows:

 

In Progress

Submitted  

Approved*

Accepted  

  

*If the deal is declined by the Lender, then the status is Declined rather than Approved.

 

Once the status of a deal is Accepted, you will be required to manually update any further statuses as needed to fit with your own firm requirements. Typically, you change the deal status from the Commissions screen when entering brokerage or finders fees. The status can also be changed from the Summary screen.

 

The other Deal Statuses are as follows (depending on how Expert is configured for your firm, certain statuses below may not be available):

 

Ready to Close - for deals where the documents are complete and signed by the client, but the closing date has not past and the client has not visited the lawyer.  This status indicates to the office administrators that a deal is close to being paid and therefore helps with setting receivable projections.

Closed
- for clients who have been to the lawyer and all legal mortgage documents have been signed and funding for the mortgage has taken place.

Confirmed
- to advise the administrator that this file is ready to be paid.  Agents have confirmed all information is correct including the lender, dates and amounts.  This status could be used both prior to closing and after closing.

 

Paid - indicates that fees have been received from the lender and/or borrower, and all lender/borrower cheques have been received and posted.

Complete
- once the mortgage application has been paid, and the documents have been gathered and processed, the status can be changed to Complete as the final step in the application process. A deal in Complete status is read-only and not editable. The ability to change the status from Complete to an editable status (e.g., Ready to Close) is dependent on your user privileges determined by your firm. Assuming you have the privileges to change a deal from the Complete status to an editable status, then the process to do so is to first change the status, then close the deal, and then re-open the deal. Once re-opened, the deal will be in the new status.

Cancelled
- when a deal is cancelled or the client may not be using your firm or services any longer, change the status to Cancelled.  A cancelled deal is also deemed inactive. An inactive deal can be made active again by changing its status to an active status (not Complete or Cancelled).