Posted To: MND NewsWire
After it jumped up by three full days in November the average time to close a first mortgage loan stabilized in December at 49 days. The November increase had been attributed to unfamiliarity with the new Truth in Lending Disclosure Rule (TRID) which went into effect for loans for which applications were received after October 3. Ellie Mae's Origination Insight Report showed that purchase mortgage closings did take one day longer, 50 days , to close in December but that was offset by a drop in closing times for refinances from 49 to 47 days. The average time to close FHA and conventional loans remained largely unchanged at 49 days, while for VA loans it increased from 50 to 52 days. Jonathan Corr, president and CEO of Ellie Mae said that the company's customers are certainly impacted by TRID...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/1PkngFu
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