How to Check your 7(a) Loan Application Status
To check your 7(a) loan application status, log into the Portal and select the 7(a) tile. Within the 7(a) tile, click Launch 7(a) Portal.
Your application status should appear on the right side of the page.
Stage 1: Application Incomplete
Accessed 2.0 But Not Started Application – You have created your NEWITY account, but have not yet started the 7(a) loan application process. To begin, log into the Portal, and click on the 7(a) tile, and follow our 7(a) journey to submit your application.
Application Incomplete – Please return to the portal and continue through each section of the application as outlined in the 7(a) journey. Upon completion, please press submit to advance your application.
Stage 2: Under Review
Assigned to Relationship Manager – You have successfully submitted your application. You will be assigned a dedicated relationship manager who will review your application for thoroughness and completeness. Please look out for an email from @newitydev1.wpengine.com for any next steps.
Deposit Received & Term Sheet acceptance – You have successfully submitted your deposit and accepted the term sheet.
RM Additional Info Requested – Your relationship manager has requested additional information on your application. Please log into the portal to review the missing details. You may have also received an e-mail requesting more information from your assigned Relationship Manager.
RM Review in Progress – Your relationship manager is currently reviewing your submitted materials. Please look out for an email from @newitydev1.wpengine.com for next steps.
RM Review Complete – Your relationship manager has completed their review of your application. Your application will be sent to the underwriting team next for review.
Assigned to UW – Your application has been assigned to an underwriter to review.
UW Review in Progress – Your application is currently under review with an underwriter. This step can range between 2-4 business days.
UW Additional Info Requested – Your underwriter has requested additional information. The additional items requested will be communicated via e-mail by your relationship manager.
UW Review Complete – Your underwriter has completed their review of your application. Your application will now be reviewed for final credit approval.
Please note: The SBA requires tax transcripts from the IRS in addition to your tax returns to process your application. NEWITY does not control and cannot expedite tax transcript delivery. While the IRS’s stated timeframe for providing transcripts is currently 15-20 business days, NEWITY often sees requests remain outstanding for much longer (up to 60+ business days).
Assigned to Credit Manager – Your application has been assigned to a credit manager to review.
Final Review in Progress – Your application is currently under review with the credit manager. This step can range between 1-3 business days.
Stage 3: Approval & Documentation
Final Review Complete – Your credit manager has completed their review of your application. Your application will be assigned to a closer next.
ETRAN SBA Submission – Your application has been submitted to the SBA for review.
Application Approved – Congratulations! You have been approved by NEWITY + the SBA for a 7(a) loan. Your loan will now move into the documentation and closing stage where you will review and execute the loan documents.
Assigned to Closer – Your application has been assigned to a Closer for loan document creation and execution.
Review In Progress – Your application is currently under review with the closer. This step can range between 2-4 business days.
Review Complete – Your closer has completed the closing file, which contains your complete loan documents. The documents will be reviewed by a Closing Manager prior to being sent to you via DocuSign for execution.
Assigned to Closing Manager – Your application has been assigned to a Closing Manager. Once approved, they will send your loan documents for signature. Please look out for an email from DocuSign, which will contain your closing documents.
Submitted for Signature – Your application has been submitted for signature. Please look out for an email from DocuSign to complete your loan document signature.
Submitted for Funding – Your application has been signed and submitted for funding. Please look out for a deposit in your designated account within 3-5 business days.
Stage 4: Closed & Funded
Approved and Funded – Your loan has been fully approved and funded. It has been an honor to serve you.
Stage 5: Application Declined/Withdrawn
Application Withdrawn/Closed – You have withdrawn your application. No further steps are required.
Application Declined – Your application has been declined. Please look out for future NEWITY loan products that may better fit your needs.