As an application is assessed through to settlement, it will go through a number of stages of activity - and the 'status' of an application gives you a general understanding of how the assessment is going and where it is up to.
Statuses are displayed in the Omni interface; and also in the Application Dashboard - which means brokers and external partners can also see the status.
The Status can be updated in 3 main ways:
Omni assessment task activity will be completed - and this will trigger an automatic update to the status
Manual status update
External systems will trigger a status change because of their activity
Status updates due to Omni Assessment Activity
Mostly, the Omni application status will change because Omni assessment activities are being completed, which trigger status updates.
As an example, in the following screenshot, an application has been submitted. The Omni record has been created, with:
the status of "Application Submitted", and
the Omni Assessment task of "Allocate Submitted Application", which is Open (not completed)
When the assessor has completed the task (allocated the deal), then:
the Omni Assessment task of "Allocate Submitted Application" is complete, which
Updates the status to "Application Allocated", and
Triggers the next Omni Assessment Process, "Review Submitted Application"
And then, when "Review Submitted Application" is Complete, then:
the Omni Assessment task of "Review Submitted Application" is complete, which
Updates the status to "Initial Review Complete", and
Triggers the next Omni Assessment Process, "Manager Initial Assessment"
And so on.
Manual Status Updates.
There may be circumstances where you need to manually update the status of your application. You are able to do this via the Application Dashboard. You can find the control by clicking the 3 dots on the side of an application record:
When you click on the 3 dots, select "Set status":
👮 If you don't see this selection when you click the 3 dots - you do not have the correct permissions - talk to your admin to update your permissions.
You will then be presented with a list of statuses to change the application to (what you see in your list will depend on your configured statuses)
(You may need to click "show All" to see all options).
When you select your new Status, you can then set some allocation logic (if makes sense); and then click Set Status:
This will update the Status of your application, and if you added some allocation logic, it may have changed the current coordinator of the application:
Status changes due to external partner activities
Where configured, activities by external partners might update the status on your application. A key example is where you have instructed solicitors to proceed with the settlement of an application.
Where your Omni is digitally integrated with your solicitor, as they move through their settlement processes, they will send back channel messages to your Omni record, which will update your Omni statuses to be in sync with their activities. eg in the following screenshot:
we can open the Backchannel messages for the application
and see that the Backchannel is that Loan Documents Received
which has updated the status to "Documents Returned"
Status updates from 'linked' Funder Omni
Where you are a Mortgage Manager, and your Funder is also assessing in Omni, then their Omni statuses can be configured to automatically update your Omni statuses
🤩Remember that statuses are visible to anyone who has a login to your channel with visibility of this loan (eg brokers, lenders and other interested parties), so that they can be kept up to date with your application progress.
📫 Statuses can also trigger automated email alerts to interested parties.