Origination Report: Loan Processing Times on the Rise, Closing Rates Improve in September

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Posted To: MND NewsWire

While the time to close a loan increased again in September, lenders are closing a significantly higher portion of loans than they have in earlier months according to the Origination Insight Report released today by Ellie Mae. It is now taking 50 days on average to close a loan, a number that has increased steadily in the last year. Sixty-five percent of closed loans in September were for the purpose of refinancing compared to 61 percent the previous month. FHA loans accounted to 19 percent of loans originated and conventional loans represented 72 percent. FHA loans accounted for 24 percent one year ago and conventional loans 68 percent. "In September, the share of conventional loans continued to outpace FHA loans," said Jonathan Corr , chief operating officer of Ellie Mae. "During the past...(read more)

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