Updated Thursday, June 4th 2020
| DISCLOSURES & SUBMISSIONS | |||
|---|---|---|---|
| TYPE | PURCHASE | REFINANCE | CTC |
| Submission / LE | 24 Hours* | 48-72 Hours* | N/A |
| Closing Disclosure | 1-2 Business Day* | 5-6 Business Days* | 4-5 Business Days* |
*All complete PTD condition request after 3:00pm PDT will be logged for the following day.
UNDERWRITING
On all unlocked refinances – PLEASE call your Account Executive.
| PURCHASE | ||
|---|---|---|
| LOAN TYPE | INITIAL DECISION | CONDITION REVIEW** |
| Locked Agency | 1-2 Business Days | 1-2 Business Days | Unlocked Agency | 1-2 Business Days | 2-3 Business Days |
| FHA | 1-2 Business Days | 2-3 Business Days |
| VA | 1-2 Business Days | 2-3 Business Days |
| REFINANCE | ||
|---|---|---|
| LOAN TYPE | INITIAL DECISION | CONDITION REVIEW** |
| Locked Agency (MAX loans) | 1-2 Business Days | 2-3 Business Days | Locked Agency (Non-MAX loans) | 2-3 Business Days | 2-3 Business Days |
| FHA | 1-2 Business Days | 2-3 Business Days |
| VA | 1-2 Business Days | 2-3 Business Days |
**Note: Complicated condition review files may take more than 5 Business Days to review.
| CLOSING | ||
|---|---|---|
| DEPARTMENT | PURCHASE | REFINANCE |
| Docs | 5-6 Business Days | 7-8 Business Days |
| Funding – Agency/FHA/VA | 2-3 Business Days | 3-4 Business Days |
*Please Note: Docs ordered turn around time starts when loan is in CTC status and signed initial CD is uploaded in the system. Funding conditions turn time is based on the day, not the hour, of receipt of loan docs. Any docs received after 3:00 pm would be logged for the following day and turn time would be for the day after that.
Turnaround times will be updated daily at approximately 9:00 am Pacific Daylight Time.
Mega Capital Funding, Inc.’s cutoff time for lock is dependent on the program. Please refer to the lock policy for cut off times.