| Product | Loan Register | Initial UW | Conditions Received | Closing (Docs Out) | ||
| Lights Out | LE Accepted with Changes | UW Clear | 75%+ Received | |||
| Conv/Gov Purchase |
1 Hour | 2 Days | 2 Days | 2 Days | 3 Days | 2 Days |
| Conv/Gov Refinance |
1 Hour | 2 Days | 2 Days | 2 Days | 3 Days | 2 Days |
| Non QM | 1 Hour | 2 Days |
2 Days (<$2m) 4 Days (>$2m) |
1 Day (<$2m) 2 Days (>$2m) |
2 Days (<$2m) 3 Days (>$2m) |
2 Days |
| Jumbo | 1 Hour | 2 Days |
4 Days (<$1.5m) 5Days (>$1.5m) |
1 Day (<$1.5m) 2 Days (>$1.5m) |
3 Day (<$1.5m) 4 Days (>$1.5m) |
2 Days |
|
Project Review (Condo) |
N/A | N/A | 3 Days | 2 Days | N/A | |
|
Project Review (Co-Op) |
N/A | N/A | 1 Day | 2 Days | N/A | |
Last Updated: September 20, 2021 at 9:35 am ET
Loan Register: The number of business days to register/disclose a loan after it is submitted in LION (Newrez’s broker web portal) and an LE is created.
Initial UW Review: The number of business days for an underwriter to complete initial review of the file after the loan is registered.
UW Conditions Received: The number of business days for an underwriter to review conditions uploaded after the Initial UW Review. The turn times published for conditions review include the Account Manager (AM) review.
Closing: The number of business days for the assigned Closer to complete the final loan review and send closing documents.
NOTE: 90% of the loan turn times are represented in the above information.