I suppose the definition of loose is subjective. I've bought brand new Smiths, particularly during the late 70's-early 80's that would qualify as loose straight from the factory. If you find that gun used now, it would be just as loose, if not more so. Usually I fix them myself with an oversized hand and just stretching the yoke a little. Most of them worked well enough and, would likely continue to serve without any tinkering.
In all honesty, though, I have rarely found a Smith that truly locks up like a bank vault. The repair guys, at armorers school would get mad at you if you built them up too tight. A well fitted Python or Diamondback, truly locks up like a bank vault, at full lock up, the cylinder feels like it is welded to the frame. I have a mint Colt 1917 that locks up like that. But Smith and Wessons? Not really.