loanDepot Wholesale Turn Times - West Coast

Loan Setup Purchase / Refinance
New Submissions In by 12PM PST (3PM EST)
On Hold/Trailing Items 24 Hours
Loan Setup cutoff is 12PM PST (3PM EST).  Any files submitted after this time will be assigned the next business day for initial review.

Underwriting - New Submissions Purchase Refinance
Conforming 1 Day 1 Day
FHA Full Doc 1 Day 1 Day
VA Full Doc 1 Day 1 Day
FHA Streamline* N/A 1 Day
VA IRRRL** N/A 1 Day
Renovation 2 Days 2 Days
Jumbo/Non-Agency Products 2 Days 2 Days
Purchase Advantage (TBD) 1 Day N/A
Equity Access 2nd 1 Day 1 Day
5+ Properties on Schedule REO 1 Day 1 Day
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 - Jumbo Advantage 1 Day 1 Day
Submitted for Final Approval - 40 Year I/O 4 Days 4 Days
Submitted for Appraisal Only/Partial Condition - Agency 1 Day 1 Day
Submitted for Appraisal Only/Partial Condition - Jumbo Advantage 1 Day 1 Day
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's from time sent to Closing Coordinator

24 Hours from time sent
to Closing Coordinator if
received prior to 3:00PM PST

24 Hours from time sent
to Closing Coordinator if
received prior to 3:00PM PST
Issuance of initial CD (from Fees accepted) 24 Hours if received prior
to 3:00PM PST
24 Hours if received prior
to 3:00PM PST

Closing - DOC Orders Purchase Refinance
Doc Request after Final Approval Closing can occur 48 Hours after
CD eConsent, Final Approval, and
Closing Confirmation received
Closing can occur 48 Hours after
CD eConsent, Final Approval, and
Closing Confirmation received

Funding Reviews Purchase Refinance
Funding Review - Purchase - Dry 24 Hours N/A
Funding Review - Purchase - Wet State No funding authorization
required
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

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