Users can update the Deal Status (and Notes) from anywhere within the Deal. To add a note or change the Deal Status, click the "Add Note" button from the right hand pull-out menu. "Add Note" is the button with the pencil icon. 

A modal will appear with a dropdown menu, from which you can select the new Deal Status. You can also add a note describing any updates or changes on the deal, but this is optional. Only the Deal Status selection is required. You can also choose to distribute the updated note internally by selecting user names from the "Email To" list. Selected users will be sent a link to the Deal as well as a copy of the note

The Deal Status is to allow agents and underwriters report the latest status on the deal. It also allows agents and underwriters to add a note as well as attach a document.

MCA Suite allows administrators of the application to modify the status drop down based on their company's needs. 

To modify the "Status" drop down on the "Deal Summary" page, go to the Administration > Setup > Application Configuration page.

Under "Deal Status" tab, users can click on Edit which will allow them to Change the status or delete the status. Users can also add new status to the list of drop downs and reorder deal statuses by dragging and placing the item to the desired location.