Average Time to Close a Loan Holds Steady at 49 Days

By Jeff Sorg, OnlineEd Blog

(January 28, 2016) -According to the latest Origination Insight Report released by Ellie Mae,® 2015 ended with the average time to close a loan holding steady at 49 total days. Ellie is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. While the average time to close a refinance fell from 49 days to 47 days, purchases climbed 1 day to 50. The average time to close FHA and conventional loans remained largely unchanged at 49 days, while VA loans increased from 50 to 52 days.

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Categories: Mortgage, Real Estate