What are Turn Times?
Turn Times are Service Level Agreements (SLAs) and are intended to be an estimate of when work will be completed to assist with setting expectations and communicating next steps.
How does Impac Mortgage Corp. calculate them?
Loans that are submitted to Impac Mortgage Corp. by 3PM PST will be reviewed and completed the following business day. Loans that are submitted to Impac Mortgage Corp. after 3PM PST will be reviewed and completed by the second business day.
| LOAN SETUP | PURCHASE | REFINANCE |
|---|---|---|
| Standard Setup | 2 Days | 2 Days |
| UNDERWRITING - NEW SUBMISSIONS | PURCHASE | REFINANCE |
|---|---|---|
| Conventional | 2 Days | 2 Days |
| Non-QM | 2 Days | 2 Days |
| VA | 2 Days | 2 Days |
| ACCOUNT MANAGER CONDITION REVIEW | PURCHASE | REFINANCE |
|---|---|---|
| Condition Review | 3 Days | 3 Days |
| CONDITION REVIEW | PURCHASE | REFINANCE |
|---|---|---|
| Conventional | 2 Days | 2 Days |
| Non-QM | 2 Days | 2 Days |
| VA | 2 Days | 2 Days |
* Upon FINAL APPROVAL clearance, an additional 24 hour SLA for Quality Control may be applicable
| CLOSING - DOCS OUT | PURCHASE | REFINANCE |
|---|---|---|
| All Loans | 2 Days | 2 Days |
| CLOSING - SIGNED DOCS BACK | PURCHASE | REFINANCE |
|---|---|---|
| Funding Review - Dry State | 2 Days | 2 Days |
| Funding Review - Wet State | 2 Days | 2 Days |
* Our Turn Times equate to each stage of the loan process.
Last Updated: 10/16/2020 06:00 AM PST