Application progress is tracked through a system of key dates and milestones.
Key dates are the specific dates when something happens on a loan (the application is submitted, disclosures are sent, the loan funds). Milestones are the stages of the loan lifecycle. Each milestone is driven by a key date: when a key date is set, the loan advances to the matching milestone.
A given application's current milestone is listed on the summary page, and in your pipeline, so you and your team can see where every loan stands at a glance. For the full progression, see the Milestones section below.
In the example below, this loan is on the Funded milestone.
Key Dates
Key dates can be found in the Key Dates tab, within Overview.
Here you can see which key dates have already been set, who set them, and set key dates yourself. To set a key date, click the Edit icon, enter the date the condition was met, and click Save.
Some key dates are set automatically as the loan is worked on and cannot be entered by hand:
Submitting an application automatically sets the Application Date key date, moves the loan to Application Submitted, and sets the loan status to "Active." This happens whether the borrower submits in the point-of-sale or the loan officer submits in the LOS.
Other dates, such as disclosures being sent, are recorded by the system when the action occurs.
A few key dates also require special permission to set or clear.
Editing key dates
To edit a key date, click its Edit icon and enter a different date. You can also delete the date entirely, which un-sets the key date.
Warning: Unsetting a key date moves its milestone backward. Because milestones are driven by key dates, clearing a date reverses the stage it triggered — for example, clearing the Funded date drops the loan from Funded back to Closing Scheduled. This is working as designed, not a system error, so only clear a date when you genuinely need to move the loan back.
For a list of key dates, see Default Key Dates.
Milestones
Milestones advance automatically as key dates are set. They can also be updated manually using the Milestone Checklist.
The Milestone Checklist is found in the Key Dates tab, under Underwriting. Use the checkmarks on the left to move to a new milestone.
Your milestones may look different — that's expected. The milestone set is configurable per company. The optional stages below (Ready to Register, Processing, Closing Docs Out) appear only if your team has enabled them, and Underwritten Pre-Approval appears only on pre-approval applications. If your pipeline shows fewer stages than the full list, you're simply seeing the ones your team uses.
Milestone progression
When a key date is set, Sonar completes the matching milestone and moves the loan forward. This table shows the standard order and the key date that drives each stage.
Milestone | Advances when this key date is set | Note |
Underwritten Pre-Approval | Underwritten Pre-Approval | Pre-approval applications only |
Application Submitted | Application Date | Set automatically on submission |
Ready to Register | Ready to Register | Optional — if enabled for your team |
Disclosures Sent | Disclosures Sent |
|
Disclosures Signed | Disclosures Signed |
|
Processing | Processing | Optional — if enabled for your team |
Underwriting | Underwriting |
|
Approved | Approved |
|
Clear to Close | Clear to Close |
|
Closed | Closing Date |
|
Funded | Funded |
|