What do the different loan statuses mean?

There are several loan statuses that are supported in the Lending Portal. The following statuses are defined below. 

• Boarded/Pending: When a loan is Boarded but has not yet been released. Loans are defined and created when Boarding: amount, term, interest rate, bank account, first payment date, frequency, etc. When a product is released, its status changes from boarded to released.
• Released: A loan has been approved to be funded but has not yet been funded nor activated.
• Funded:A loan becomes Funded the first time the payment process runs after it has been released. As it will be explained later, Lenders can choose if credit transactions to borrowers are initialized by LendingFront or not (in the latter case the platform will just reflect the funding transaction and status but won’t initialize the credit transaction to the borrower’s account)
• Active: A loan also becomes Active the first time the payment process runs after it has been released, simultaneously with Funding. An Active Loan will execute all scheduled automatic-periodic payments as defined by the Loan terms. The Loan will remain Active until the status changes to On Hold, Closed or Write Off.
• On Hold: A loan in On Hold status will not create any scheduled automatic-periodic payment, but manual Payments and Adjustments can be created and sent for collection. Loans can be put On Hold manually or automatically (depending on client’s preference) either when the borrower misses a certain number periodic payments (“Retry type” errors, such as “Non Sufficient Funds”) or when the borrower misses one payment with a “non Retry” type of error (such as “Closed Bank Account”)
• Closed: A loan is Closed once the Principal balance is fully paid off, either due to successfully collected payments or by creating a principal waiver. A Loan can be closed with remaining interest and fee balances. Loans in Closed status will not create any scheduled automatic-periodic payment, but do enable creating transactions such as payment refunds, Interest payments and waivers and fee accruals, payments and waivers.
• Write Off: Loans in any status (except Closed) can be manually written off. When a Loan is written off all outstanding balances are frozen. Loans in Write Off status will not create any scheduled automatic-periodic payment, and the only type of Payment enabled for Write Off Loans is Recovery Payment.