What Does Referred Mean On A Loan Application
When a loan application is "referred," it means that the application has not been immediately approved or declined by an automated system or initial review process. Instead, it requires further assessment or manual review by a human underwriter or loan officer. Here are a few reasons why a loan application may be referred: Incomplete Information : If the application is missing required information or documentation, it may be referred for further review to ensure all necessary details are provided. Marginal Credit Profile : If the applicant's credit profile is not clearly in line with the lender's criteria for approval or denial, the application may be referred for manual review to assess the applicant's creditworthiness more thoroughly. Borderline Income or Debt-to-Income Ratio : If the applicant's income or debt-to-income ratio is on the borderline of the lender's criteria, the application may be referred for manual review to determine if the applicant