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 Business day the documentation was received by loanDepot Wholesale
  • Same Day and Hourly SLAs
    • Are considered Day 1 until 5:00pm Pacific Time
    • Requests received after 5:00pm Pacific Time will be completed by Noon the following day
  • Although we often work well past closing time to meet deadlines, plan on end of business as 5:00pm Pacific Time.

Examples:

  • Loan Setup
  • CD Express
    • SLA is 1 Day
    • A CD request that qualifies for CD Express is received at 5:00pm Pacific Time on Thursday
    • The CD will be released by 5:00pm Pacific Time on Friday

     

    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 6 Days 20 Days
    FHA Full Doc 6 Days 20 Days
    FHA Streamline N/A 11 Days
    VA Full Doc
    6 Days 20 Days
    VA IRRRL N/A 11 Days
    Renovation 6 Days N/A

    Complex Loans - Currently Suspended

    N/A N/A

    Underwriting - Final Approval Purchase Refinance
    Conforming 3 Days 7 Days
    FHA Full Doc 3 Days 7 Days
    FHA Streamline N/A  7 Days
    VA Full Doc 
    3 Days 7 Days
    VA IRRRL N/A 7 Days
    Renovation 3 Days N/A

    Complex Loans - Currently Suspended

    N/A N/A

    Underwriting - Partial Conditions Purchase Refinance
    Conforming 5 Days N/A
    FHA Full Doc 5 Days N/A
    FHA Streamline N/A  N/A
    VA Full Doc 5 Days N/A
    VA IRRRL N/A N/A
    Renovation 5 Days N/A
    Complex Loans - Currently Suspended N/A N/A

    Closing - CDs Purchase Refinance
    CD Express 2 Days 4 Days
    Standard CD 2 Days 4 Days

    Closing - Docs Out Purchase Refinance
    All Loans 1 Day 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

    Appraisal Reviews Purchase Refinance
    Conventional Full Appraisal Reviews 1 Day 2 Days
    NDC / Transferred Appraisals 3 Days 3 Days
    Reconsideration of Value / Appeals 2 Days 2 Days

    Concierge Desks Purchase Refinance
    Condo Project Review 2 Days 2 Days
    Renovation Review 1 Day 2 Days

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