Why can't I see both phases in the Phase drop-down list accessed from the menu.

Permissions assigned in Administration determine the access you have in a transaction.

If you cannot change the phase, your permissions may limit your access to a specific phase of the transaction. For example, if you have been assigned the 'Create Transaction in Application Phase' permission but not the permissions for the closing phase, only the Application phase will display. If you have permissions for the closing phase, but not the application phase, only the Closing phase will display.

The Loan Decision Must Be Approved to Change Phases account setting in Administration also determines when a phase can be changed. If a user has both the 'Create Transaction in Application Phase' and 'Create Transaction in Closing Phase' permissions and Loan Decision Must Be Approved to Change Phases is selected in Administration, the phase list can only be changed when Approved is selected for the Loan Decision.