Funding Option Status

Funding Option Status

The following funding option status's are available:

Status

StartStatus

EndStatus

 

Quoting

True

False

Automatically set when a funding quote is created from a loan or endorsement imported from Odyssey

Calibrated

 

False

Manually set in Clearquote when the funding option has been created and calibration is complete.

Funded

 

False

Manually set when a funding quote that is NOT funded by the warehouse, is flagged as "ready to fund". As soon as a funding quote is set to "Funded" it will appear in the upload to generate tranche notes for the funding option of the quote. Only quotes with a status of "Funded" can have tranche notes generated.

For funding quotes that are funded by the warehouse, when they are added to a warehouse draw and the draw is purchased by the bank and flagged as confirmed, the status of the funding quote will be changed to "Funded" and any tranche notes for funding interest will be created.

Cancelled

 

True

Manually changed

Loan

 

True

Automatically changed when at least one tranche note has been created against a funding quote OR a funding quote added to a warehouse draw and the draw confirmed.

Locked

 

False

User can lock the funding quote so no further changes can be made. A funding quote must be locked in order for it to be flagged as "ready to fund" Or be added to a warehouse draw.

The status on a quote can be manually changed through the quote page.

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