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- Key Dates
- Current Turn Times
loanDepot Wholesale Turn Times - West Coast
| Loan Setup | Purchase / Refinance |
|---|---|
| New Submissions | In by 12PM Pacific, reviewed same day |
| On Hold / Trailing Items | 2 Hours / In by 3PM Pacific, reviewed same day |
| Underwriting - New Submissions | Purchase | Refinance |
|---|---|---|
| Conforming | 1 Day | 5 Days |
| FHA Full Doc | 1 Day | 5 Days |
| VA Full Doc | 1 Day | 5 Days |
| FHA Streamline* | N/A | 5 Days |
| VA IRRRL** | N/A | 1 Day |
| Renovation | 2 Days | 5 Days |
| LD Advantage / Non-Agency Products | 1 Day | 5 Days |
| Purchase Advantage (TBD) | 5 Days | N/A |
| Equity Access 2nd | 1 Day | 5 Days |
| 5+ Properties on Schedule REO | 2 Days | 5 Days |
| Multiple Loans for 1 Borrower | 5 Days | 5 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 | 2 Days |
| Submitted for Final Approval - LD Advantage Products | 1 Day | 2 Days |
| Submitted for Final Approval - 40 Year I/O | 4 Days | 4 Days |
| Submitted for Appraisal Only/Partial Condition - Agency | 2 Days | 5 Days |
| Submitted for Appraisal Only/Partial Condition - LD Advantage Products | 2 Days | 5 Days |
| Submitted for Appraisal Only/Partial Condition - 40 Year I/O | 4 Days | 4 Days |
| Condo Reviews (Condo Desk) | 2 Days | 2 Days |
| Escalation Reviews | 1 Day | 1 Day |
| Renovation Reviews (Renovation Desk) | 1 Day | 1 Day |
| 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. |
| Closing - CD's | Purchase | Refinance |
|---|---|---|
| Draft CD | Next business day from requested date | Next business day from requested date |
| CD Sent | Same day if fees approved prior to 12:00PM Pacific | Fees approved after 12:00PM Pacific - next business day |
| CD Express | Next business day from requested date | Next business day from requested date |
| Closing - Doc Order | Purchase / Refinance |
|---|---|
| Docs | All Rescission and Dry Non-Rescission request out 24 Hours prior to the Closing date/time |
| Wet and Non-Rescission Doc request must be in 2 business days prior to the Closing date** | |
| **Docs out day before the Closing date | |
| **Wire out day before the Closing date | |
| Wet: Closing can occur 48 Hours after: CD eConsent, Final Approval, and Closing Confirmation received |
| Funding Review | Non-Rescission | Rescission |
|---|---|---|
| Funding Review - Dry State | Docs uploaded by 9AM Pacific, reviewed same day | 1 business day after receipt |
| Funding Review - Wet State | N/A | 1 business day after receipt |
