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FAQ's
APPRAISAL
Q: Does loanDepot Wholesale have a policy regarding who can provide the appraisal?
A: An loanDepot Wholesale approved AMC will provide a copy of the appraisal within timelines outlined by FAIR.
Q: How do I register with your authorized AMC's?
A: You don't have to register. When you're ready to request your appraisal, go to the loan record in our Broker Portal and click on the order appraisal button under services. You will be able to electronically place your order and get status updates from our Broker Portal, in addition to email alerts for status.
Q: Why can't I order an appraisal directly?
A: FAIR code states that real estate agents or mortgage brokers are not permitted to directly engage an appraiser for services.
Q: How can I order an appraisal through loanDepot Wholesale?
A: Orders are placed directly from the Broker Portal and will be routed to the approved AMC for your area.
CLOSING
Q: How do I request to have my closing agent approved?
A: Complete a closing agent approval application
Q: Where do I send my final documents?
A: Send all documents to our Foothill Ranch location. The Lenders Instructions will show the correct address.
Q: How do I order Closing documents?
A: Once a Final Approval is issued, the primary contact for your loan will receive an alert. You will work directly with your Account Manager to order docs.
Q: Can a credit for closing costs exceed the actual closing costs on a loan?
A: No. On a Lender-Paid Compensation loan when there is excess premium rate credit, the difference between the credit and the actual closing costs will be applied as a principal reduction on the new loan. The credit will show as a principal reduction on the HUD-1 as a line item to loanDepot Wholesale. On a Rate/Term refinance transaction, the cash the borrower is getting at closing, if any, plus the excess credit cannot exceed $2000. If the total exceeds $2000, the loan amount must be reduced to an amount so that the total does not exceed $2000. loanDepot Wholesale will follow agency guidelines for maximum principal reduction amounts.
GENERAL
Q: How do I request Fannie Mae DO sponsorship through loanDepot Wholesale?
A: Go to Fannie Mae's Website for instructions (you must already be a registered user of DO and be sponsored by at least one lender). Make your request under the following Institution Name: LDWholesale, Institution ID: 688703. loanDepot Wholesale's Client Services will receive the request and once processed, the requester will receive an email confirmation from FNMA.
Q: How do I check the status of my loan application?
A: Through loanDepot Wholesale's Broker Portal. Electronic alerts are also provided at various milestones of the loan process.
Q: What is your fax #?
A: Our individual fax numbers are the same as our direct lines. Simply send the fax to the recipients direct line number. However, if the document is for a specific loan file, then you must log into the Broker Portal to upload.
Q: Who are our approved credit vendors?
A: Credco. But know if you run DU through Fannie Mae DO and are sponsored by us, you can import your loan using the Casefile ID and use ANY credit vendor in their dropdown. loanDepot Wholesale is also working on options for accepting additional credit vendors outside of DO. For LP, we can reissue with Credo, Equifax, CIS, Inc, Credit Link LLC, Credit Information Systems, Credit Plus, Inc, Informative Research, Advantage Credit, Inc, American Reporting Company (ARC), Avantus, Birchwood Credit Services, Certified Credit Reporting (via Meridian Link), Credit Technologies, Inc, CTI - Credit Technology, Inc, Clear Choice Credit Corp, Funding Suite, Kroll Factual Data, MFI Credit Solutions, Partners Credit & Verification Solutions, Premium Credit Bureau/PCB1, Settlement One (via Meridian Link), Settlement One (via Sharper Lending), United One Resources, Inc, or Universal Credit Services (via Meridian Link).
SALES
Q: How do I obtain a login and password for the Broker Portal?
A: Once approved, you will be issued a login and password for the portal from our Client Services Department.
Q: Can I transfer my lock to another property?
A: No, we do not allow lock transfers to another property.
UNDERWRITING
Q: What is loanDepot Wholesale's Lender Loss Payee Clause?
A: For required insurance policies, please have your borrower(s) update the Loss Payee Clause on their insurance policy as follows:
- Loss Payee for Homeowners Insurance:
- LoanDepot.com, LLC. Its Successors and/or Assigns, as an insured ATIMA
- PO Box 202028 Florence, SC 29502
- Loss Payee for Closing Protection Letter:
- LoanDepot.com, LLC. Its Successors and/or Assigns/ATIMA
- 26642 Towne Centre Drive, Foothill Ranch, CA 92610
Q: How should loanDepot Wholesale's name appear on subordinations and HELOC mods?
A: Any subordination, as well as any modification of a HELOC, needs to match our name as it would on our security instruments.
- Beneficiary Name: LOANDEPOT.COM, LLC.
- Address: 26642 TOWNE CENTRE DRIVE;
- City: FOOTHILL RANCH; State: CA; Zip: 92610
SERVICING
Q: When is my mortgage payment due?
A: Payments are due on the 1st day of each month and are in default as of the 2nd day of the month. This is in accordance with the terms of the Note that each borrower signs. Late charges are not assessed to the borrowers account until 16 days after the due date. This is not considered a grace period.
Q: Where do I make my first payment?
A: The borrower receives a first payment letter at closing that provided the amount due as well as the payment address where first payment should be mailed.
Q: When will I get my first mortgage statement?
A: loanDepot will send the borrower a statement within 20 business days of funding.
Q: Can I change my due date on my loan?
A: No, payment due dates cannot be changed on a mortgage loan.
Q: When will the principal reduction be applied?
A: Principal reductions are applied once the loan has boarded to our servicing system. If the borrower’s loan is transferred to our NJ center, the Principal Reduction funds are wired to our NJ office for application.
Q: Can I remove the escrow requirement from my loan?
A: Please note: Depending on the borrower’s loan type (e.g., if the borrower is in a flood zone, or if the borrower’s loan was considered “higher-priced”) the loan may require some, or all of their escrows be maintained for at least 5 years or even up to the life of their loan.
Escrow waiver guidelines vary by investor and/or insurer. The borrower’s request will be reviewed for approval and a written notice will be provided back to the borrower notifying them of the determination. If an escrow account can be removed, funds remaining in the escrow account will be released to the borrower after 15 business days following notification to the borrower of the determination. This is to insure all escrow related bills have been received and paid. Please call the Customer Service Department at (866) 258-6572 for instructions on how to request an escrow waiver.
Escrow waiver guidelines vary by investor and/or insurer. The borrower’s request will be reviewed for approval and a written notice will be provided back to the borrower notifying them of the determination. If an escrow account can be removed, funds remaining in the escrow account will be released to the borrower after 15 business days following notification to the borrower of the determination. This is to insure all escrow related bills have been received and paid. Please call the Customer Service Department at (866) 258-6572 for instructions on how to request an escrow waiver.
Q: When will I get my escrow refund from my current lender?
A: It depends on who is servicing the loan.
- For loanDepot to loanDepot refinances (loanDepot serviced the Borrower’s refinanced or old loan): Escrow balances are refunded to the Borrower within 30 business days after the loan is paid off. Borrowers should allow an additional 10 business days for mail time.
- For refinances not serviced by loanDepot: The borrower needs to contact their prior lender/servicer to obtain information regarding their escrow refund policy.
- If a loanDepot to loanDepot refinance was completed utilizing a netted escrow payoff, no escrow refund is available.
Q: When will you disburse my property taxes?
A: Property taxes are disbursed in accordance with the due date set by the respective taxing authority; you can also reference you Initial Escrow Account Disclosure (found within your closing documents) for the scheduled disbursement date.
Q: Will loanDepot pay the penalty and interest fees accruing with the county from my escrow account?
A: If the late tax payment is determined to be an error on loanDepot’s part, then loanDepot will pay for any penalties and interest.
Q: Where do I send my current tax bill?
A: The Borrower can contact the TX servicing center that handles most accounts until a determination is made on the disposition of the loan at 866-258-6572 for guidance on where to send the tax bill. When sent, the correct servicing loan number must be referenced on the tax bill.
Q: What do I do if my insurance company is telling me my policy will be cancelled for lack of payment and my premium was paid through closing?
A: For loans where servicing is retained, renewal premium bills should be sent to P.O. Box 202028, Florence, SC 29502 or they may be faxed to 843-413- 7133. The correct servicing loan number must be referenced on the tax bill.
Q: Does loanDepot provide payment coupon books?
A: No, we do not provide coupon books to our borrowers. Monthly statements are provided to the borrower.
Q: When can I expect to receive my welcome package?
A: loanDepot does not send Welcome Packages to new borrowers. The borrower will receive a Welcome Message on their initial monthly statement after the loan has transferred to our New Jersey Servicing Center.
Q: Can I make my payment with a credit card?
A: No, loanDepot does not accept credit cards as a form of payment.
Q: Does loanDepot offer automatic withdrawal (or ACH) payment options?
A: Yes, loanDepot offers two automatic payment programs for servicing retained loans.
- Borrowers can set up monthly ACH drafts by activating their online account access and requesting ACH through the web once the loan is transferred to our NJ Servicing Center.
- Another payment option is Budget Drafting which allows the borrower to make one half payments. Borrowers may request a Budget Drafting Authorization form from Servicing once the loan is transferred to the NJ Servicing Center.
- It can take up to three (3) months before a borrower can enroll in any auto draft option.
- It is important that the borrower continue to make regular monthly payments by another payment option until written notification is received advising what month the auto draft will start.
Q: Will my loan be sold?
A: Yes, your loan will be sold. loanDepot may retain the servicing of your loan or we may choose to transfer the servicing of your loan to another mortgage lender.
Q: Will loanDepot be servicing my loan?
A: There is no guarantee that LD will retain the servicing and this will not be determined until after the loans has funded.
Q: What is the contact information for the servicing department?
A: There are two servicing centers for loanDepot – the TX servicing center will handle most accounts until a determination is made on the disposition of the loan – that number is 866-258-6572. Once it is determined that servicing will be retained, the borrowers loan will be transferred to our NJ servicing center – that phone number is 877-420-4526. The borrower will receive a letter from our TX Servicing Center notifying them of the transfer to NJ.
- Email: customerservice@loanadministration.com
- Payment Processing Center Address: P.O. Box 11733, Newark, NJ 07101-4733
- Pay online at www.loandepot.loanadministration.com
Q: How soon can I set up my online account?
A: Online access is only for borrowers whose loans are being retained by LD for servicing. Online access is granted once the borrower’s loan is transferred to our NJ servicing center – borrowers should review their transfer letter for that date.
Q: Why am I receiving calls from loanDepot?
A: loanDepot may begin calling our customers 3 days after a payment becomes due and has not been paid or has not been set up on an ACH Drafting Program.
