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- Key Dates
- Current Turn Times
loanDepot Wholesale Turn Times - West Coast
| Loan Setup | Purchase | Refinance | |
|---|---|---|---|
| New Submissions- Portal LE | 24 Hours | 24 Hours | |
| New Submissions- Broker LE | 24 Hours | 24 Hours | |
| Re-Applications | 24 Hours | 24 Hours | |
| On Hold/Trailing Items | 24 Hours | 48 Hours | |
| Loan Setup cutoff is 11AM PST (2PM EST). Any submissions after 11AM PST (2PM EST) will be counted as submitted next business day for SLA purposes. | |||
| Underwriting - New Submissions | Purchase | Refinance |
|---|---|---|
| Conforming | 1 Day | 2 Days |
| FHA Full Doc | 1 Day | 2 Days |
| VA Full Doc | 1 Day | 2 Days |
| FHA Streamline* | N/A | 2 Days |
| VA IRRRL** | N/A | 2 Days |
| FHA 203k | 3 Days | 3 Days |
| Jumbo/Non-agency Products | 4 Days | 4 Days |
| Purchase Advantage (TBD) | 4 Days | N/A |
| Equity Access 2nd | 2 Days | 2 Days |
| 5+ Properties on Schedule REO | 2 Days | 2 Days |
| Multiple Loans for 1 Borrower | 2 Days | 2 Days |
| *VA IRRRL & FHA Streamline loans submitted as credit qualifying will be subject to Full Doc turn times | ||
| ** VA Full Doc and VA IRRRL loans submitted with loan amounts greater than $1 million may require up to 72 hours additional review time |
| Underwriting - Condition Reviews | Purchase | Refinance |
|---|---|---|
| Submitted for Final Approval - Agency | 1 Day | 1 Day |
| Submitted for Final Approval - non-Agency | 4 Days | 4 Days |
| Submitted for Appraisal Only/Partial Condition - Agency | 1 Day | 2 Day |
| Submitted for Appraisal Only/Partial Condition - non-Agency | 4 Days | 4 Days |
| Condo Reviews (Condo Desk) | 1 Day | 1 Day |
| Escalation Reviews | 1 Day | 1 Day |
| Renovation Reviews (Renovation Desk) | 2 Days | 2 Days |
| Underwriting cutoff is 3PM local time zone. Any submissions after 3PM local time zone will be counted as submitted next business day for SLA purposes. Underwriting turn times are displayed as the date of files we are currently working on (business days only) and are intended to be a general indicator or estimate of the time it will take to issue an initial decision or review loan conditions. The actual turn times may vary depending on the complexity of the loan. Turn times are subject to change at any time. |
| Account Manager | Purchase | Refinance |
|---|---|---|
| Condition Review - Refinance only* | N/A | 1 Day |
| Final Approval Review - Refinance only* | N/A | 1 Day |
| *All purchase transactions are treated as Express Conditions which are automatically submitted to the Underwriter when ready for review in the Broker portal. Refinance conditions are pre-reviewed by your assigned Account Manager prior to submission to Underwriting. |
| Closing - CD's | Purchase | Refinance |
|---|---|---|
| Draft CD's from time sent to Closing Coordinator |
24 Hours from time sent |
48 Hours from time sent to Closing Coordinator if received prior to 3pm PST |
| Issuance of initial CD (from Fees accepted) | Same day if fees approved prior to 3:00pm PST | Same day if fees approved prior to 3:00pm PST |
| Closing - DOC Orders | Purchase | Refinance |
|---|---|---|
| Doc Request after Final approval | 24 hours from Final approval/eConsent/signing date | 48 hours prior to signing date |
| Funding Reviews | Purchase | Refinance |
|---|---|---|
| Funding Review - Purchase - Dry | 24 Hours | N/A |
| Funding Review - Purchase - Wet State | 20 Minutes | N/A |
| Funding Review - Refi w/NORTC - Wet and Dry States | N/A | Dry: 48 hours Wet w/NORTC: 24 hours; send when borrower signs |
| Wire Cutoff | Purchase | Refinance |
|---|---|---|
| Wire Cutoff | 2:00pm PST | 2:00pm PST |
| Wire Cutoff - Jumbo and 40 Year I/O | 1:00pm PST | 1:00pm PST |
