loanDepot Wholesale Turn Times - East / Central Time

Loan Setup Purchase Refinance
New Submissions- Portal LE In by 11am PST, 24 Hours In by 11am PST, 24 Hours
New Submissions- Broker LE In by 11am PST, 24 Hours In by 11am PST, 24 Hours
Re-Applications 24 Hours 24 Hours
On Hold/Trailing Items 24 Hours 24 - 48 Hours
Loan Setup cutoff is 12PM ET.  Any submissions received after 12PM ET will be counted as submitted next business day for turn time purposes. Loan Setup is staffed from 9AM ET to 6PM ET.

Underwriting - New Submissions Purchase Refinance
Conforming 1 Day 2 Days
FHA Full Doc 1 Day 2 Days
VA Full Doc 1 Day 2 Days
FHA Streamline* N/A 2 Days
VA IRRRL** N/A 1 Day
FHA 203k 2 Days 2 Days

Jumbo/Non-agency Products

4 Days 4 Days

Purchase Advantage (TBD)

3 Days N/A

Equity Access 2nd

2 Days 3 Days
5+ Properties on Schedule REO 2 Days 3 Days
Multiple Loans for 1 Borrower 2 Days 3 Days
*VA IRRRL & FHA Streamline loans submitted as credit qualifying will be subject to Full Doc turn times.
**VA Full Doc and VA IRRRL loans submitted with loan amounts greater than $1 million may require up to 72 hours additional review time.

Underwriting - Condition Reviews Purchase Refinance
Submitted for Final Approval - Agency 1 Day 1 Day
Submitted for Final Approval - Jumbo Advantage 2 Days 2 Days
Submitted for Final Approval - 40 Year I/O 4 Days 4 Days
Submitted for Appraisal Only/Partial Condition - Agency 2 Days 2 Days
Submitted for Appraisal Only/Partial Condition - Jumbo Advantage 2 Days 2 Days
Submitted for Appraisal Only/Partial Condition - 40 Year I/O 4 Days 4 Days
Condo Reviews (Condo Desk) 2 Days 2 Days
Escalation Reviews 1 Day 2 Days
Renovation Reviews 3 Days 3 Days
Underwriting cutoff is 3PM local time zone.  Any submissions after 3PM local time zone will be counted as submitted next business day for SLA purposes.  Underwriting turn times are displayed as the date of files we are currently working on (business days only) and are intended to be a general indicator or estimate of the time it will take to issue an initial decision or review loan conditions.  The actual turn times may vary depending on the complexity of the loan.  Turn times are subject to change at any time.

Closing - CD's Purchase Refinance
Draft CD's from time sent to Closing Coordinator 24 hours from time sent to
Closing Coordinator if received
prior to
 3:00pm CST
24 hours from time sent to
Closing Coordinator if received
prior
 3:00pm CST
Issuance of initial CD (from Fees accepted) 24 hours if received prior
to 3:00pm CST
24 hours if received prior
to 3:00pm CST

Closing - DOC Orders Purchase Refinance
Doc Request after Final approval Closing can occur 48 hours after
CD eConsent, Final Approval, and
Closing Confirmation received
Closing can occur 48 hours after
CD eConsent, Final Approval, and
Closing Confirmation received

Funding Reviews Purchase Refinance
Funding Review - Purchase - Dry N/A N/A
Funding Review - Purchase - Wet State 20 Minutes N/A
Funding Review - Refi w/ NORTC - Wet and Dry States N/A 24 hours from time of receipt; 
please send day after borrower signs

Wire Cutoff Purchase Refinance
Wire Cutoff 3:00pm CST 3:00pm CST
Wire Cutoff - Jumbo and 40 Year I/O 1:00pm CST 1:00pm CST

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