Turn Times
New Submission and Conditions*
| LOANS | SETUP PURCHASES | SETUP REFINANCES | PRE-AUDIT | PURCHASE INITIAL UW | REFINANCE INITIAL UNDERWRITE | PURCHASE CONDITIONS | REFINANCE CONDITIONS | INITIAL CD | PURCHASE CLOSING DOCS | REFINANCE CLOSING DOCS |
|---|---|---|---|---|---|---|---|---|---|---|
| Conventional | APR 15 | APR 15 | N/A | APR 11 | APR 12 | APR 15 | APR 15 | APR 17 | APR 18 | APR 18 |
| USDA | APR 15 | APR 15 | N/A | APR 15 | APR 15 | APR 15 | APR 15 | APR 17 | APR 18 | APR 18 |
| VA | APR 15 | APR 15 | N/A | APR 12 | APR 15 | APR 15 | APR 15 | APR 17 | APR 18 | APR 18 |
| FHA | APR 15 | APR 15 | N/A | APR 11 | APR 15 | APR 15 | APR 15 | APR 17 | APR 18 | APR 18 |
| Jumbo/Non-Agency | APR 15 | APR 15 | APR 12 | APR 15 | APR 15 | APR 15 | APR 15 | APR 17 | APR 18 | APR 18 |
| Second Liens | APR 15 | APR 15 | N/A | APR 15 | APR 15 | APR 15 | APR 15 | APR 17 | APR 18 | APR 18 |
Closed Loan Purchase
| LOANS | REVIEWING FILES RECEIVED | REVIEWING SUSPENDED ITEMS RECEIVED |
|---|---|---|
| Conventional | APR 16 | APR 16 |
| USDA | APR 16 | APR 16 |
| VA | APR 16 | APR 16 |
| FHA | APR 16 | APR 16 |
| Jumbo/Non-Agency | APR 16 | APR 16 |
*Self-Employed borrowers may require an additional 48 hours for the initial underwrite and condition review.
How Turn Times Are Determined
TURN TIMES ARE ESTIMATED ON THE DAY'S LOAN VOLUME AND MAY ADJUST ACCORDINGLY WITHOUT PRIOR NOTICE. For additional questions about turn times, please contact your Account Executive or Client Relations Representative.
SET UP
Loans “Finaled” by 3 pm local time will be reviewed the following business day and if eligible will be submitted to underwriting.
NEW SUBMISSIONS
Loans that receive a Loan Status of “UW Submitted” by end of business will be assigned to be underwritten per the posted turn time schedule and is based on product.
CONDITIONS
Condition documentation that is uploaded by 3 pm local time will be reviewed by end of business the following day. Example #1: If documentation is uploaded Friday at 1 pm local time, conditions will be reviewed by end of business on Monday. Example #2: If documentation is uploaded Wednesday at 4 pm local time, documents are considered as received next day so the conditions will be reviewed Friday. Condition turn times for Second Liens applies for loans once an appraisal and other important credit documents are received.
CLOSING
Closings/disbursements cannot be scheduled on weekends or holidays. Closing requests submitted for initial CD’s or DOCS after 3 pm local time are considered received the next business day. If the 7th calendar day of the month falls on a weekend then the last day to fund with interest credit is the previous business day.
Click here to see our Holiday Schedule.