{"id":2263,"date":"2017-03-20T00:00:00","date_gmt":"2017-03-20T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/closing-times-are-speeding-up\/"},"modified":"2017-03-20T00:00:00","modified_gmt":"2017-03-20T00:00:00","slug":"closing-times-are-speeding-up","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/closing-times-are-speeding-up\/","title":{"rendered":"Closing Times Are Speeding Up"},"content":{"rendered":"

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Closing times were way down in February, falling from 51 days in January to 46 days for all loans<\/a> last month, according to the latest Ellie Mae Origination Insight Report.<\/p>\n

Broken out, home purchase<\/a> loans took an average of 45 days to close in February, down from 48 days in January. Refinanced loans took an average of 47 days to close in February, down from 53 days.<\/p>\n

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Read more<\/strong>: Survey: Despite TRID, Closing Hiccups Persist<\/span><\/p>\n<\/blockquote>\n

Conventional loans commanded 63 percent of the market share, compared to 66 percent in January, according to Ellie Mae\u2019s report. The FHA increased its market share by 2 percentage points to 23 percent, and VA loans rose by 1 percentage point to 10 percent.<\/p>\n

FICO scores on closed loans decreased moderately in February, dropping from 722 in January to 720 in February. Ellie Mae\u2019s report shows that average FICO scores are 11 points lower than the highs reached a year ago in August and September. Still, FICO scores are one point higher than the beginning of 2016.<\/p>\n

Seventy percent of all closed purchase loans had scores of 700 or more.<\/p>\n

“The purchase market led the way in February, representing 57 percent of total closed loans,” says Jonathan Corr, president and CEO of Ellie Mae. “Along with the growing purchase market, we’re seeing the time to close all loans decrease and FICO scores decline, trends that we will continue to watch in the coming months.”<\/p>\n

Source: Ellie Mae<\/em><\/p>\n<\/div>\n<\/div>\n

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Closing times were way down in February, falling from 51 days in January to 46 days … Closing Times Are Speeding Up<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":2264,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[15239,12908,543,12874,604,41,818,15309],"class_list":["post-2263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-chase","tag-home","tag-home-buying-guide","tag-home-purchase-loans","tag-loans","tag-property","tag-real","tag-ups"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3786,"url":"https:\/\/amazingproperty.com.ng\/blog\/closing-timelines-get-even-shorter\/","url_meta":{"origin":2263,"position":0},"title":"Closing Timelines Get Even Shorter","author":"Amazing Property","date":"April 24, 2017","format":false,"excerpt":"The average time to close on all home loan types dropped to 43 days in March\u2014the quickest pace since February 2015, according to Ellie Mae's Origination Insight Report. A year ago, the average closing time was 46 days. Broken out, loans to purchase a home took 43 days to close,\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1672,"url":"https:\/\/amazingproperty.com.ng\/blog\/millennials-flood-fha-loan-market\/","url_meta":{"origin":2263,"position":1},"title":"Millennials Flood FHA Loan Market","author":"Amazing Property","date":"March 7, 2017","format":false,"excerpt":"Millennials are becoming a powerhouse in the real estate market, accounting for 84 percent of closed loans in January. And they\u2019re increasingly turning to Federal Housing Administration loans, those that offer low down payment options, to achieve homeownership.\u00a0 Read more: Millennials Are Missing Out on Home Equity In January, 35\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":786,"url":"https:\/\/amazingproperty.com.ng\/blog\/gap-grows-between-owners-and-appraisers\/","url_meta":{"origin":2263,"position":2},"title":"Gap Grows Between Owners and Appraisers","author":"Amazing Property","date":"February 15, 2017","format":false,"excerpt":"[ad_1] The disconnect\u00a0between homeowner estimates and appraiser opinions when it comes to home values grew for the second consecutive month, according to Quicken Loans\u2019 National Home Price Perception Index. 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Homeowners, in general, still tend to slightly overestimate the price of their home, but not by nearly as much as they did a year ago. 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