Turn Times

Task

Position

Turn Time

Comments

 Responding to Borrower Inquiries Mortgage Loan Originator  Same Day If a borrower attempts to contact their MLO before 4pm, the MLO
must get back to them before the end of that business day. If they
attempt after 4pm, the MLO has until Noon the next business day
to get back to them.
Prepare Disclosures  Processor 48 Hours Processing has 48 hours from the time the MLO submits the request to prepare and deliver the disclosures back to the MLO.
Submit the file to the Underwriting Department for Initial Underwrite Processing  72 Hours UW will issue an approval, denial, or suspense within 72 hours of receiving the loan submission
* If Underwriting is behind you will be notified via email by the Operations Manager.
Credit Decision issued
(Approval/Denial/Suspense)
Underwriting 24 Hours UW will issue an approval, denial, or suspense within 72 hours of receiving the loan submission * If Underwriting is behind you
will be notified via email by the
Operations Manager.
Reviewing/Submitting
Conditions
Processing 24 Hours The Processor has 24 hours to
review, upload, link and submit
the conditions to the Underwriter (If the conditions received are
unacceptable the MLO will be notified in the same turn time) *MFG does not submit the file
back to the Underwriter unless the majority of the PTD conditions are received.
Reviewing and signing off
on PTD Conditions
 Underwriting  24 Hours  The Underwriter will review submitted conditions within 24 hours and either clear the condition or re-condition for
further documentation
* If Underwriting is behind you
will be notified via email by the
Operations Manager
Quality Control Audit and
Clear to Close
 QC Auditor 24 Hours  QC Audits will be prior to the file being submitted to the doc department. The QC Auditor will put the file in Clear to Close status in Calyx Point and sign off on the Internal QC Audit PTD Condition when the review is complete.
 Doc Drawing  Closing  24 Hours Files received in docs in Clear to
Close status will have documents
issued within 24 hours. Docs will
be placed on Hold if items needed are not provided. * Same day docs can be issued if received by 1pm.
 Funding Review Closing  24 Hours Escrow will be reviewed and
conditioned out within 24 hours of receipt. PTF conditions received will be reviewed and signed off on
within 24 hours of receipt.
 Funding Closing  Earliest
Available
Funding
Date
 Files that are clear to fund (all
PTF conditions received and
signed off, all Verbal VOE’s
completed, out of Recession, and LQCC items addressed) will fund in the next available funding
period.
 Interest Rate Lock
Confirmations
Lock Desk  Same Day  Lock request will be processed
and issued a formal lock confirmation the same day as receipt.