Current Turn Times
Thank you for partnering with us to deliver the home loan benefit to Oregon veterans. To help you plan with your borrowers and real estate partners, here are our current turn times.
• Veteran eligibility review (HL0409, with DD-214): 48–72 hours
• Loan Estimate and initial disclosures (from a complete OrVet TRID Application, HL2440): Within 48 hours
• Full file submission to underwriting (HL2319): 72 hours
• Underwriting review: 72 hours
Turn times count business days only (Monday through Friday, excluding state holidays) and start when we receive a complete submission. They are our current targets, not guarantees, and may change with volume. Please keep sending your OrVet TRID Application within 24 hours of taking your borrower's application so disclosures go out on time.
Planning your closing date
We work hard to close every loan on schedule, but we can't guarantee a 30-day closing. We recommend contract closing dates of at least 45 days. Sending complete files and returning conditions promptly are the best ways to keep a loan on track.
Our rates have been reduced
We've lowered our rates. That's good news for the veterans you serve and a good time to remind past and current clients about their ODVA benefit. See the current Rate Sheet for today's rates, fees and APRs.
Temporary changes
• TBD underwriting: We are not accepting TBD (property not yet identified) underwriting submissions at this time. Please submit the file once your borrower has an accepted offer on a property. We'll update this page when this changes.
• Scenario questions: Answers to scenario questions may take longer than usual, and we appreciate your patience. The Loan Synopsis answers many common questions, so please check it first. A scenario response is general guidance, not a loan approval.
Forms for Mortgage Brokers
Please refer to the TRID Loan Estimate Process below for submissions involving TRID.
* The definition of an application under TRID consists of the submission of the following six pieces of information: The consumer's name, the consumer's income, the consumer's social security number to obtain a credit report, the property address, an estimate of the value of the property, and the mortgage loan amount sought.
Forms for Mortgage Lenders
TRID Loan Estimate Process (Brokers Only)
Step 1:
Determine Veteran Eligibility by completing the VETERANS HOME LOAN ELIGIBILITY (HL0409) FORM. Please send this form, signed by the Veteran, along with a copy of the DD214 to the email address at the top of the form.
Step 2:
Once you have the six items required to create an application, complete the ORVET TRID APPLICATION (HL2440). This form must be received within 24 hours of application to allow sufficient time for ODVA to produce and mail the official Loan Estimate.
- You may also submit a LOCK REQUEST (HL2440) at this time. Rates are locked for 60 days. Our rate sheet is located on our website (see link above).
- Be sure to download a copy of our ADDENDUM TO RESIDENTIAL LOAN APPLICATION (HL2033) prior to signing your broker disclosures. This form must be signed and sent with your 1003 at the time of submission.
Step 3:
Once ODVA receives the signed initial disclosures back from the borrower(s), you will be asked to submit your full file for underwriting. Complete the LOAN SUBMISSION CHECKLIST(HL2319) to help gather your documentation. Submit your file to the email address listed at the top of the loan submission form.
Step 4:
Once ODVA issues the clear to close on the file, you can request the closing package using the DOCUMENT REQUEST (HL2408) form. You'll need to include your invoices to be paid at closing and a draft closing disclosure from the title that reflects the most recent fees.
Step 5:
You're ready for closing! Congratulations!
TRID
For additional information on TRID, please refer to the Consumer Finance Protection Bureau website, TILA-RESPA Integrated Disclosure rule implementation:
www.consumerfinance.gov/policy-compliance/guidance/implementation-guidance/tila-respa-disclosure-rule
For additional information on changes to the ORVET Home Loan submission process, please refer to:
ORVET Home Loan Submissions within the TRID Environment.pdf