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 2 Days Standard Setup 1 Day 2 Days Condition Review 1 Day 1 Day
Underwriting - Final Approval Purchase Refinance Conforming 1 Day 3 Days FHA Full Doc 1 Day 3 Days FHA Streamline N/A 1 Day VA Full Doc
1 Day 3 Days VA IRRRL N/A 3 Days Renovation 2 Days 3 Days LD Advantage
1 Day 3 Days 2 Days 4 Days
Closing - CDs Non-Rescission Rescission CD Express 1 Day 2 Days Standard CD 1 Day 2 Days
Closing - Docs Out Non-Rescission Rescission 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
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
