You can create additional loan statuses on the Loan Status setup page.
The application provides a list of standard loan status types so that you can enter status updates for each of the loans that exist in the application.
Loan officers can use these statuses to track the progress of loans through their loan pipelines. Statuses are also used for field mapping purposes. The standard types are:
If you want to increase the granularity of the statuses used to track loans, then you can create additional loan statuses. These statuses are still tied to the standard types.