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Ability on application form to turn OFF allow update after submission without having to edit all updatable fields.
Not so sure about after sourcing has closed - we have graduate campaigns we need to manage for along time after source closes
Definitely option to tie to status change - that would be good
The application remaining open to change indefinitely makes the update after submission unusable for us too.
I would also consider:
Prevent update after submission once sourcing has closed
Make it configurable on the status, e.g. "allow update after submission in this status"