When a loan application status shows "referred," it typically means that the application requires further review or consideration before a decision can be made. This could happen for several reasons:
Incomplete Information: The lender may need additional documentation or clarification on certain aspects of the application before they can make a decision.
Borderline Eligibility: The applicant's financial situation or credit history might fall into a gray area where the lender needs to take extra time to assess the risk associated with approving the loan.
Policy Compliance: The application might need to be reviewed by a higher authority or undergo additional checks to ensure compliance with internal or regulatory policies.
Special Circumstances: There could be specific circumstances related to the applicant or the loan request that require further scrutiny or consideration.
In any case, when an application is marked as "referred," it typically means that the lender has not yet made a final decision and may need more time or information before doing so. Applicants in this situation may be contacted by the lender for additional information or documentation, or they may simply need to wait until the review process is complete.