Changing the Status of a Loan

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Overview of IL415

Change Loan Status enables you to manually update the statuses of certain loans. Whereas loan status changes usually take place during the normal progression of the loan’s lifecycle (setup status → in-process status → closed status → paid/canceled status), there are certain circumstances where it may become necessary to manually change them. You will only be able to update loan statuses under limited conditions: the circumstances in which you will be able to use this application to update a loan’s status are very controlled.


Loan statuses are represented by two numeric digits. The first indicates the type of loan: regular (x = 0) or interest-only (x = 1). The second digit represents the actual status: setup (y = 0), in-process (y = 1), closed (y = 2), or paid/cancelled (y = 3). An in-process loan is a loan that is receiving advances. A closed loan is a loan where all advances have been made or the commitment date has been reached.


Following are the circumstances when you’ll be able to change a loan status:


  • Setup status (x0) to Closed status (x2): Loan transaction (ID: 432) created; G/L transaction created representing the application-fee balance forfeited NOTE: If your organization refunds the application fee when a loan is denied, please reference this documents for steps to take BEFORE changing the loan status: Refund Application Fee for Denied Loan
  • Closed status (x2) to In-Process status (x1): Loan transaction (ID: 431) created; G/L transaction created representing the amount of the commitment yet to be advanced
  • In-Process status (x1) to Closed status (x2): Loan transaction (ID: 430) created; G/L transaction created representing the amount of the commitment yet to be advanced


To change the status of a loan:


  • From the DDI Connect main menu, double-click Financial Services
  • Double-click Loans
  • Double-click Transactions
  • Double-click Loan Change Status. You will see this screen:


Loan Change Status 1.png


Key in the loan number or click the list icon to select from a list of loans within the system. You can also click the binocular icon to search for the loan. Press enter or click Find. The system now populates the screen:


Loan Change Status 2.png


Review the current and new status. If it is correct, click Save to make the change. If it is not correct, contact DDI Client Support for assistance.

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