How Turn Times Are Determined

SET UP

Loans submitted before 5 PM EST are considered same day. Loans submitted after 5 PM EST will be set up the following business day.

NEW SUBMISSIONS

For new submissions moved to Underwriting status before 5pm EST, the following business day represents the first day of the stated turn time; loan will be underwritten by end of business on the day indicated by the stated turn time. New submissions moved to Underwriting status after 5pm EST or on a weekend or holiday will be treated as though they were uploaded the following business day.

Example one for 2 day turn time: New submissions moved to Underwriting status at 4:59PM on Monday. Tuesday represents day one of the stated turn time, Wednesday day two. The loan will be out of underwriting by end of business Wednesday.

Example two for 2 day turn time: New submission moved to Underwriting status at 5:01PM on Monday. This is treated as a Tuesday upload, so Wednesday represents day one of the stated turn time, Thursday represents day two. The loan will be out of underwriting by end of business Thursday.

CONDITIONS

For condition packages uploaded before 8 PM EST, the following business day represents the first day of the stated turn time; loan will be underwritten by end of business on the day indicated by the stated turn time. Condition packages uploaded after 8 PM EST will be treated as though they were uploaded the following business day.

 

Example one for 1 day turn time: Condition package uploaded at 7:59 PM on Monday. Tuesday represents day one of the stated turn time. The loan will be out of underwriting by end of business Tuesday.

Example two for 1 day turn time: Condition package uploaded at 8:01 PM on Monday. This is treated as a Tuesday upload, so Wednesday represents day one of the stated turn time. The loan will be out of underwriting by end of business Wednesday.

Turn times are estimated on the day’s loan volume.

For additional questions about turn times, please contact your Account Executive.