Why can't I see both phases in the phase drop-down of the menu button?

Permissions assigned in Administration for your user determine the access you have when interacting with the transaction.

If you click the menu button and are unable to change the phase, the permissions assigned to your user may limit your access to a specific phase of the transaction. For example, when you have been granted the Create Transaction in Application Phase permission but have not been granted permissions for the closing phase, you will see Application Phase as the only option in the Phase drop down list. On the other hand, when you have not been granted permissions for the application phase but have been granted permission to the closing phase by the use of the Create Transaction in Closing Phase permission, you are limited to creating transactions in the closing phase only. You will see Closing Phase as the only option in the Phase drop-down list.

The account setting Loan Decision Must Be Approved to Change Phases in Administration also impacts whether the phase drop-down is editable. When your user has both the Create Transaction in Application Phase and Create Transaction in Closing Phase permission and Loan Decision Must Be Approved to Change Phases is selected in Administration, the phase drop-down is only editable when Approved is selected for the Loan Decision.