What does the status "Exception" indicate for a loan document?

The status "Exception" for a loan document indicates that the document requires further review or has not been provided. This status is critical because it alerts the relevant parties that there may be issues or concerns with the documentation necessary to move forward with the loan process. When a document is marked with this status, it highlights the need for additional attention to ensure compliance with requirements, which can impact the overall decision-making and timeline of the loan process.

This status serves as a flag for lenders or processing teams to investigate why the document is marked as an exception—whether it's missing entirely or needs further scrutiny to meet the necessary criteria. Proper management of documents under this status is essential to maintain the integrity of the lending process and ensures that all aspects of the loan are properly vetted before approval.