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
• 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
  Standard Setup	1 Day	1 Day
  Condition Review	1 Day	1 Day

  
  

  Underwriting - New Submissions	Purchase	Refinance
  Conforming	5 Days	20 Days
  FHA Full Doc	5 Days	20 Days
  FHA Streamline	N/A	11 Days
  VA Full Doc	5 Days	20 Days
  VA IRRRL	N/A	11 Days
  Renovation	5 Days	N/A
  Complex Loans - Currently Suspended	N/A	N/A

  
  

  Underwriting - Final Approval	Purchase	Refinance
  Conforming	2 Days	5 Days
  FHA Full Doc	2 Days	5 Days
  FHA Streamline	N/A	5 Days
  VA Full Doc	2 Days	5 Days
  VA IRRRL	N/A	5 Days
  Renovation	2 Days	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
  Complex Loans - Currently Suspended	N/A	N/A

  
  

  Closing - CDs	Purchase	Refinance
  CD Express	2 Days	3 Days
  Standard CD	2 Days	3 Days

  
  

  Closing - Docs Out	Purchase	Refinance
  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

  
  

  Appraisal Reviews	Purchase	Refinance
  Conventional Full Appraisal Reviews	1 Day	2 Days
  NDC / Transferred Appraisals	3 Days	3 Days
  Reconsideration of Value / Appeals	2 Days	2 Days

  
  

  Concierge Desks	Purchase	Refinance
  Condo Project Review	2 Days	2 Days
  Renovation Review	1 Day	2 Days