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^® Broker 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	2 Days
  LD Select	2 Days
  VA IRRRL	2 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	2 Days	3 Days
  FHA Full Doc	2 Days	3 Days
  FHA Streamline	N/A	2 Days
  VA Full Doc	2 Days	3 Days
  VA IRRRL	N/A	2 Days
  Renovation	2 Days	N/A
  Jumbo Advantage Express	6 Days	8 Days
  Complex Loans	4 Days	5 Days

  
  

  Underwriting - Final Approval	Purchase	Refinance
  Conforming	2 Days	3 Days
  FHA Full Doc	2 Days	3 Days
  FHA Streamline	N/A	3 Days
  VA Full Doc	2 Days	3 Days
  VA IRRRL	N/A	3 Days
  Renovation	2 Days	N/A
  Jumbo Advantage Express	3 Days	4 Days
  Complex Loans	4 Days	5 Days

  
  

  Underwriting - Partial Conditions	Purchase	Refinance
  Conforming	4 Days	N/A
  FHA Full Doc	4 Days	N/A
  FHA Streamline	N/A	N/A
  VA Full Doc	4 Days	N/A
  VA IRRRL	N/A	N/A
  Renovation	4 Days	N/A
  Jumbo Advantage Express	5 Days	N/A
  Complex Loans	5 days	N/A

  
  

  Closing - CDs	Purchase	Refinance
  CD Express	1 Day	1 Day
  Standard CD	1 Day	1 Day

  
  

  Closing - Docs Out	Purchase	Refinance
  All Loans	2 Days	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
  Collateral Review	5 Days	5 Days

  
  

  Concierge Desks	Purchase	Refinance
  Full Appraisal Reviews	2 Days	4 Days
  Transferred and NDC Appraisal Reviews	2 Days	4 Days
  Rebuttal / Reconsideration of Value	2 Days	2 Days
  Condo Project Reviews	2 Days	2 Days
  Renovation Desk	1 Day	1 Day