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Turn Time Update (9/18/20)

August 09, 2020 Blog No Comments

Turn Times and Efficiency Tips

Updated: September 18, 2020

 

A Note to Our Valued Partners:

  • Please review the estimated, average turn times updated below.
  • Due to significant loan volume, turn times are extended so please continue to manage the expectations of your borrowers.
  • We thank you for your patience as we continue to invest and expand the capacity of our franchise to serve you.

The estimated average turn times as of September 18, 2020 are as follows:

Please note: Dates provided below indicate files work on as of that date.

 

  Turn Time
  Purchase Refinance
Case Numbers September 17 September 17

Setup (Includes loans in Loan Audit)
(Dates are for files uploaded for initial submission)

48 Hours 48 Hours

Full Doc Underwriting
(Dates are for files with submitted to underwriting status)

Initial: September 4 Initial: August 17
  Initial Resub
VA IRRRL

Reviewing: September
17

Reviewing: September
17

FHA Streamline

Reviewing: September 11 - 14

Reviewing: September 15

 

  • Third Party Service Delays (title, appraisal etc). We strongly suggest you maintain continuous contact with your various vendors and counterparties to manage any possible service interruptions.
  • Pipeline Management - We ask for your assistance to continuously assess your locked pipeline to verify and cancel inactive loans as appropriate.
  • Complete Loan Files Submissions – Every loan file "touch" adds time, so please follow our easy to follow submission checklists to upload complete files. After submission, we encourage you to re-verify that your file is complete.
  • An Additional Monthly Mortgage Payment May Be Needed – When the planned closing date is delayed, please be sure your borrower is prepared to continue making their regular monthly mortgage payment on time.
  • Minimize Common Errors – Check out our helpful tips designed to help you understand our process and expectations – DO/DU Errors, 1003 Errors

 

Other Reminders:

  • All broker refinance transactions require a rate lock prior to loan submission.
  • For Wholesale Correspondent refinance loans, a rate lock is required prior to the initial purchase submission.
  • Free and automatic 30-day lock extensions (see announcement for eligibility details)
  • 15/60 day lock periods available only (30/45 day locks temporarily suspended)
  • Prequalification requests are temporarily suspended.

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