Processing Times Increase But More Loans Are Closing
Notaries in the mortgage industry may have noticed a growing trend in signings — an increase in the amount of time it takes for a loan to close. Ellie Mae, a leading provider of data for the residential mortgage industry, released its September Origination Insight Report showing it is now taking an average of 50 days to close a home loan.
The upward trend began when mortgage interest rates reached historic lows, motivating both new home buyers and those who wanted to refinance. The report did have some good news for buyers and Notaries, however: Lenders are closing a significantly higher number of loans than they did earlier this year.
Sixty-five percent of the loans that closed in September were re-fi’s, compared to 61 percent in August. While the average time to close a new home loan was 47 days, the report showed that re-fi loans averaged 53 days for closings.
A recent survey of NNA members revealed that this trend has been noted in several areas of the country. If you have comments about this, please message us through the NNA’s Facebook page.