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

   

  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	4 Days
  LD Select	4 Days
  VA IRRRL	4 Days

  
  

  Underwriting - Final Approval	Refinance
  mello® Smart Loan	2 Days
  LD Select	2 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	4 Days	13 Days
  FHA Full Doc	4 Days	13 Days
  FHA Streamline	N/A	8 Days
  VA Full Doc	4 Days	13 Days
  VA IRRRL	N/A	8 Days
  Renovation	4 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	2 Days	4 Days
  FHA Full Doc	2 Days	4 Days
  FHA Streamline	N/A	4 Days
  VA Full Doc	2 Days	4 Days
  VA IRRRL	N/A	4 Days
  Renovation	2 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	2 Days	4 Days
  Standard CD	2 Days	4 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