XML : how to parse this soap response for 1 node value

here's my issue, and am loosing hair over this!

      $xml = '<?xml version="1.0" encoding="utf-8"?>  <soap:Envelope xmlns:soap="http://schemas.xmlsoap.org/soap/envelope/" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema">    <soap:Body>      <SubmitApplicationResponse xmlns="http://tbred.co.uk/">        <SubmitApplicationResult>          <SelectionInfo>            <SelectionInfo>              <Code>000</Code>              <Message>Thank you for submitting your loan application.</Message>              <Status>Warning</Status>            </SelectionInfo>            <SelectionInfo>              <Code>000</Code>              <Message>An underwriter will be in contact soon,</Message>              <Status>Warning</Status>            </SelectionInfo>            <SelectionInfo>              <Code>000</Code>              <Message>to discuss the best available terms.</Message>              <Status>Warning</Status>            </SelectionInfo>          </SelectionInfo>          <Application>0025279719</Application>          <Status>Fail</Status>        </SubmitApplicationResult>      </SubmitApplicationResponse>    </soap:Body>  </soap:Envelope>';    

How do i get the value of node into a variable i can use, from this particular soap xml structure