loanDepot Wholesale Turn Times

What are turn times and how does loanDepot Wholesale calculate them?

• Turn times are Service Level Agreements (SLAs) and are intended to be an estimate of when work will be completed to assist with setting expectations and communicating next steps.
• Day 1 is the 1st Full Business day the documentation was received by loanDepot Wholesale
• For Doc Requests, day 1 is for loanDepot Wholesale to provide final loan documents ( signing date can be the following day or after) 
• Same Day SLAs
  • Are considered day 1 until 5:00pm Pacific Time
• Although we often work well past closing time to meet deadlines, plan on end of business as 5:00pm Pacific Time.

Examples:

• Loan Setup
• SLA is 1 Day
• New submission received on Monday at 12:00pm Pacific Time
• We will review the file and communicate out any missing items by end of day Tuesday
• Doc Request
  • SLA is 1 Day
  • Doc requested and received Monday by 5:00pm Pacific Time
  • We will review and send Doc's out by 5:00pm Pacific Time Tuesday for a Wednesday or after closing
• CD Request
  • SLA is 1 Day
  • A CD request is received at 5:00pm Pacific Time on Thursday
  • The CD will be released by 5:00pm Pacific Time on Friday

   

  Express Lane Turn Times

  NOTE: Loan must utilize Express Disclosures through the mello^® Broker Portal AND fit all program criteria to qualify as an Express Lane loan. See informational hover notes below for details.

  Loan Setup		Refinance
  Express Setup		1 Day

  
  

  Underwriting - New Submissions	Purchase	Refinance
  mello® Smart Loan	1 Day	1 Day
  LD Select	1 Day	1 Day
  VA IRRRL		1 Day

  
  

  Underwriting - Final Approval	Purchase	Refinance
  mello® Smart Loan	1 Day	1 Day
  LD Select	1 Day	1 Day

  
  

  Standard Turn Times

  Loan Setup	Purchase	Refinance
  Express Setup	1 Day	1 Day
  Standard Setup	1 Day	1 Day
  Condition Review	1 Day	1 Day

  
  

  Underwriting - New Submissions	Purchase	Refinance
  Conforming	1 Day	2 Days
  FHA Full Doc	1 Day	2 Days
  FHA Streamline	N/A	2 Days
  VA Full Doc	1 Day	2 Days
  VA IRRRL	N/A	2 Days
  Renovation	1 Day	2 Days
  Jumbo Advantage Express	1 Day	3 Days
  Advantage Express FLEX - Non-QM	3 Days	3 Days
  Complex Loans	2 Days	3 Days

  
  

  Underwriting - Second Level Review	Purchase	Refinance
  Jumbo Advantage Express ($1.5 - 2M)	1 Day	1 Day
  Jumbo Advantage Express (Over $2M)	2 Days	2 Days
  Advantage Express FLEX - Non-QM (Over $2.5M)	1 Day	1 Day

  
  

  Underwriting - Final Approval	Purchase	Refinance
  Conforming	1 Day	2 Days
  FHA Full Doc	1 Day	2 Days
  FHA Streamline	N/A	1 Day
  VA Full Doc	1 Day	2 Days
  VA IRRRL	N/A	1 Day
  Renovation	2 Days	2 Days
  Jumbo Advantage Express	1 Day	3 Days
  Advantage Express FLEX - Non-QM	2 Days	3 Days
  Complex Loans	2 Days	3 Days

  
  

  Underwriting - Partial Conditions	Purchase	Refinance
  Conforming	2 Days	3 Days
  FHA Full Doc	2 Days	3 Days
  FHA Streamline	N/A	3 Days
  VA Full Doc	2 Days	3 Days
  VA IRRRL	N/A	3 Days
  Renovation	2 Days	3 Days
  Jumbo Advantage Express	2 Days	3 Days
  Advantage Express FLEX - Non-QM	4 Days	4 Days
  Complex Loans	3 days	4 Days

  
  

  Closing - CDs	Purchase	Refinance
  CD Request	1 Day	1 Day

  
  

  Closing - Docs Out	Purchase	Refinance
  Wholesale	1 Day	1 Day
  NDC	2 Days	2 Days
  NDC Redraws	2 Days	2 Days

  
  

  Closing - Signed Docs Back	Non-Rescission	Rescission
  Funding Review - Dry State	1 Day	1 Day
  Funding Review - Wet State	N/A	1 Day

  
  

  Purchasing (NDC)	Non-Rescission	Rescission
  Initial Closing Package Review	1 Day	1 Day
  Purchase Condition Review	1 Day	1 Day
  Collateral Review	5 Days	5 Days

  
  

  Concierge Desks	Purchase	Refinance
  Full Appraisal Reviews	1 Day	1 Day
  Transferred and NDC Appraisal Reviews	1 Day	2 Days
  Rebuttal / Reconsideration of Value	2 Days	2 Days
  Condo Project Reviews	2 Days	2 Days
  Renovation Desk	1 Day	1 Day