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

     

    Express Lane Turn Times

    NOTE: Loan must utilize Express Disclosures through the mello 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 Refinance
    mello® Smart Loan 5 Days
    LD Select 5 Days
    VA IRRRL 5 Days

    Underwriting - Final Approval Refinance
    mello® Smart Loan 5 Days
    LD Select 5 Days

    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 6 Days 15 Days
    FHA Full Doc 6 Days 15 Days
    FHA Streamline N/A 10 Days
    VA Full Doc
    6 Days 15 Days
    VA IRRRL N/A 10 Days
    Renovation 6 Days N/A

    LD Advantage - Currently Suspended

    N/A N/A

    Complex Loans - Currently Suspended

    N/A N/A

    Underwriting - Final Approval Purchase Refinance
    Conforming 4 Days 7 Days
    FHA Full Doc 4 Days 7 Days
    FHA Streamline N/A  7 Days
    VA Full Doc 
    4 Days 7 Days
    VA IRRRL N/A 7 Days
    Renovation 4 Days N/A

    LD Advantage - Currently Suspended

    N/A 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
    LD Advantage 5 Days N/A
    Complex Loans 5 days N/A

    Closing - CDs Purchase Refinance
    CD Express 3 Days 6 Days
    Standard CD 3 Days 6 Days

    Closing - Docs Out Purchase Refinance
    All Loans 3 Days 5 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

    Concierge Desks Purchase Refinance
    Full Appraisal Reviews 1 Day 2 Days
    Transferred and NDC Appraisal Reviews 2 Days 2 Days
    Condo Project Reviews 2 Days 2 Days
    Renovation Desk 1 Day 1 Day

Follow Us LinkedIn              Better Business Bureau | EHO