LHFS TURN TIMES

The Underwriting turn time is the amount of time it takes Land Home Financial Services, Inc. to provide an underwriting decision on data and documents submitted. Turn times are quoted in business days and are estimated on the day's loan volume. Turn times may adjust accordingly without prior notice. Please contact your LHFS Account Executive regarding any questions.

Turn times last updated: 6/7/2023

** 1 day to same day turn time for loans that are clear to close prior to noon (per subject property location). All Texas loans require a minimum of 2 days.

Please note:

• Due to additional COVID-19 related GSE requirements, self-employed borrower loans submitted to LHFS may require an additional 2 business days for UW.
• The following will increase turn times and are not subject to posted turn times:
  • Multiple concurrent transactions (2 or more, same borrower);
  • Multiple borrowers/applications on one loan; and/or
  • Complex reviews.
  • Appraisal Requirement (second appraisals, revisions, repairs, ect.)
• All turn times are quoted in business days, and the day following receipt represents the first day of our stated turn time.
• Request for action / document delivery after 3:00pm PDT is considered received the following day.
• New Submission and Condition Underwriting Review Notes:
  • 3:00pm PDT cutoff time.
  • Complete file submission via eXPRESS portal initiates timeline (does not apply to Reverse loans).
    • Reverse Loans Only: Complete file submission via TPO Reverse shared folder initiates timeline.
  • Complete file submission via eXPRESS portal initiates timeline.
  • New Submission Underwriting Review includes Loan Set Up.

HOW ARE LHFS TURN TIMES DEFINED?

SET UP

Loans submitted through eXPRESS before 3 PM PDT are considered same day. Loans submitted through eXPRESS after 3 PM PDT will be set up the following business day.

NEW SUBMISSIONS

New submissions updated to Underwriting status before 3 PM PDT:

• 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 updated to Underwriting status after 3 PM PDT, on a weekend, or holiday:

• Loan will be treated as if it went through Underwriting the following business day.

Example A (2 day turn time):

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

Example B (2 day turn time):

• New submission moved to Underwriting status at 3:01 PM on Tuesday.
  • This loan will be considered a Wednesday upload. Thursday represents day one of the stated turn time, Friday represents day two. The loan will be out of underwriting by end of business Friday.

CONDITIONS

For condition packages uploaded through eXPRESS before 3 PM PDT, 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 3 PM PDT will be considered as uploaded the following business day.

Example A (1 day turn time):

• Condition package uploaded at 2:59 PM on Tuesday. Wednesday represents day one of the stated turn time. The loan will be out of underwriting by end of business Wednesday.

Example B (1 day turn time):

• Condition package uploaded at 3:01 PM on Tuesday. This is considered a Wednesday upload, so Thursday represents day one of the stated turn time. The loan will be out of underwriting by end of business Thursday.