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 mello® 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 mello® 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: Appraisal orders are placed directly from the mello® Broker Portal. All approved AMCs in your area are available to choose from.
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 mello® 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 mello® Broker Portal to upload.
Q: Who are our Approved Credit Vendors?
A:Credco. However, 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. For LP, we can reissue with the following Credit Vendors:
- Credco
- Kroll Factual Data
- Equifax
- ACRAnet
- Advantage Credit Inc.
- Advantage Plus Credit Reporting, Inc.
- American Reporting Company (ARC)
- Alliance 2020
- Avantus
- Birchwood Credit Services
- Certified Credit Reporting via Meridian Link
- CIC Credit
- CIS, Inc.
- Cisco
- Clear Choice Credit Corp
- Credit Information Systems
- Credit Plus, Inc.
- Credit Technologies Inc.
- CTI – Credit Technology, Inc.
- Data Facts, Inc
- Data Facts, Inc via MeridianLink
- Equifax
- Funding Suite
- Informative Research
- Information Searching Company
- KCB Credit
- MFI Credit Solutions
- NCO Credit Services / EGS
- Partners Credit & Verification Solutions
- Premium Credit Bureau / PCB1
- SARMA via Meridian Link
- SARMA via Sharper Lending
- Service 1st Information Solutions
- Settlement One via Meridian Link
- Settlement One via Sharper Lending
- United One Resource, Inc.
- Universal Credit Services via Meridian Link
SALES
Q: How do I obtain a login and password for the mello® 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:
- loanDepot.com, LLC.
- ISAOA/ATIMA
- PO Box 7114, Troy, MI 48007-7114
- Loan Number:
- All loans expect TX:
- loanDepot.com, LLC.
- ISAOA/ATIMA
- 26642 Towne Centre Drive, Foothill Ranch, CA 92610
- TX loans (will not show ISAOA/ATIMA):
- loanDepot.com, LLC.
- and each successor in ownership of the indebtedness secured by the insured mortgage, except a successor who is an obligor under the provisions of Section 12(c) of the Conditions
- 26642 Towne Centre Drive, Foothill Ranch, CA 92610
Loss Payee for Homeowners Insurance:
Loss Payee for Closing Protection Letter:
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: Where do I find loanDepot Wholesale Servicing FAQs information?
A: Click here to view our Servicing FAQs document.
