NLS has two fields that define the status of a loan. The first is Loan Status, which will always be assigned one of the following settings: Active, Closed, Draft, Canceled, or Restructured. The definitions of these settings cannot be modified. However, you may enter your own custom status codes in the Status Codes sub-category under Loan Setup to perform different functions to a loan. All loans will have one Loan Status, and in addition, may have one or more Status Codes which can also be used to query and filter reports. You will find that a Status Code is an option for most standard reports provided with NLS. As a result, Status Code(s) is an easy way to filter, sort, or group your reports.
Active – Live loans
Cancelled - Part of the Draft Mode, if you don’t want to make the loan active, you can Cancel.
Closed – Closed Loans
Draft - Draft Mode will allow you to add loan that has yet to become final.
Renewal - The loan's origination date and maturity date have been 'renewed'.
Rescission - Loan has been rescinded as the principal balance has been paid off within a specified period.
Restructure - The Restructure Loan feature is used for modifications to loans for which the complexity of the modification goes beyond what can be done through a simple modification of a parameter in loan setup. It is not required for such things as modifications to the interest rate setup, modifications to the next payment due date, un-billing of outstanding billed payments (in effect tacking them on to the end of the loan), or modification to the fixed payment amount. It is required any time a fixed amortized loan needs to be changed to any other type of loan, any time a non-fixed amortized loan is to be changed into a fixed amortized loan, a temporary cessation of payments or interest only period is to be imposed in the middle of a loan, or any time that two or more loans are to be combined and rewritten as one loan.