Calling a method with bound data in XAML

In the spirit of separating out UI related logic from my ViewModels and keeping it restricted to the code actually driving the UI, I've come across a scenario that I don't quite know how to solve and would love some help with.

Background: I have a list of elements that will each have a different status (e.g., pending, complete, missed, etc.). I would like to apply a different background color to each item in the list based on that status. The ListView for this page is backed by a ViewModel that simply holds the data objects, and uses data binding in the XAML to surface the actual data.

Question: Being new to both XF and XAML, I can imagine how I'd like something like this to be executed, but don't know the proper way to do it. I would think I'd like something like this:

<Label Text="{Binding MyTextValue} BackgroundColor="{MethodThatReturnsAColor {Binding StatusOfObject}}" />

public Color MethodThatReturnsAColor(string status) {
    if (status == "pending") {
        return Color.Red;
    } 
    // ... etc.
}

I've seen ObjectDataProviders used over in WPF land, but I don't think that's available in Forms, and I'm not even sure if that's the proper way to go about it. Any help and pointers would be great!