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
    • 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
  • 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
    Express LE Setup 1 Day 1 Day
    Standard Setup 1 Day 2 Days
    Condition Review 1 Day 1 Day

    Underwriting - New Submissions Purchase Refinance
    Conforming 2 Days 4 Days
    FHA Full Doc 2 Days 4 Days
    FHA Streamline N/A 2 Days
    VA Full Doc
    2 Days 4 Days
    VA IRRRL N/A 2 Days
    Renovation 2 Days 4 Days

    LD Advantage

    2 Days 4 Days

    Complex Loans

    2 Days 4 Days

    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 2 Days
    Renovation 2 Days 2 Days

    LD Advantage

    1 Day 2 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
    LD Advantage 2 Days 3 Days
    Complex Loans 2 Days 3 Days

    Closing - CDs Purchase Refinance
    CD Express 1 Day 2 Days
    Standard CD 1 Day 2 Days

    Closing - Docs Out Purchase Refinance
    All Loans 1 Day 3 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
    Express Appraisal Review 1 Day 1 Day
    Full Appraisal Review 2 Days 2 Days
    Condo Project Review 2 Days 2 Days
    Renovation Review 1 Day 1 Day

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