{"id":3786,"date":"2017-04-24T00:00:00","date_gmt":"2017-04-24T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/closing-timelines-get-even-shorter\/"},"modified":"2017-04-24T00:00:00","modified_gmt":"2017-04-24T00:00:00","slug":"closing-timelines-get-even-shorter","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/closing-timelines-get-even-shorter\/","title":{"rendered":"Closing Timelines Get Even Shorter"},"content":{"rendered":"

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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<\/a> to purchase a home took 43 days to close, and refinance loans took 43 days in March, down from 45 and 47 days, respectively, in February.<\/p>\n\n

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After closing: 7 Things Agents Should Do<\/p>\n<\/blockquote>\n\n

The share of purchase loans last month rose to 63 percent of total originations, up from 57 percent in February, according to Ellie Mae’s report. That marks their highest share since July 2016. “The purchase market continued to heat up in March,” says Ellie Mae president and CEO Jonathan Corr. He also attributed the drop in closing times to Ellie Mae lenders<\/a> who are automating more mortgage<\/a> processes “to improve efficiency, quality, and compliance.”<\/p>\n\n

More borrowers are opting for adjustable-rate mortgages as well, according to Ellie Mae’s report. ARMs increased from 5.3 percent to 5.6 percent in March, which is the highest percentage in three years.<\/p>\n\n

Source: \u201cLenders Speed Up Loan<\/a> Processing: Ellie Mae,\u201d Mortgage News Daily (April 21, 2017)<\/em><\/p>\n<\/div>\n \n \n<\/pre>\n\n<\/div>\n\n\n
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The average time to close on all home loan types dropped to 43 days in March\u2014the … Closing Timelines Get Even Shorter<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":3787,"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":[4751,15239,12908,543,1329,604,408,312,41,818],"class_list":["post-3786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-chase","tag-home","tag-home-buying-guide","tag-loan","tag-loans","tag-mortgage","tag-mortgages","tag-property","tag-real"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/L32h2T0huj4","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2263,"url":"https:\/\/amazingproperty.com.ng\/blog\/closing-times-are-speeding-up\/","url_meta":{"origin":3786,"position":0},"title":"Closing Times Are Speeding Up","author":"Amazing Property","date":"March 20, 2017","format":false,"excerpt":"Closing times were way down in February, falling from 51 days in January to 46 days for all loans last month, according to the latest Ellie Mae Origination Insight Report. Broken out, home purchase loans took an average of 45 days to close in February, down from 48 days in\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":3786,"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. 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