Number of days now close to yearly high
By Brena Swanson | HousingWire
After settling back around 46 days, the time to close a loan is starting to tick higher again, getting close to this year’s high, according to the latest Origination Insight Report from Ellie Mae.
The most recent report stated it took 49 days on average to close a loan in November. Separated out, time to close came in at 51 days for refinance loans and 47 days for purchase.
Ellie Mae’s report, which is pulled from a “robust” sampling of approximately 75% of all mortgage applications that were initiated on Ellie Mae’s Encompass system, typically shows a variance in the time to close for refinance mortgages versus purchase mortgages, but it appears that gap is calming down as well.