Post-TRID Closing Times Hold Steady; Purchases Pick Up

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Posted To: MND NewsWire

Loan closing timelines in April remained at the recent low levels established the previous month according to Ellie Mae’s new Origination Insight Report although refinancing times increased. The time necessary to close residential transactions jumped to an average of 50 days in the months following the October implementation of new Truth-in Lending Disclosure (TRID) rules but began to retreat to normal levels in February. The time to close all loans remained steady at 44 days in April with purchase loans taking 45 days, unchanged from March, and refi loans increased by three days to 44. Purchase loans made up 59 percent of loans originated during the reporting period, up from 55 percent in March. It was the highest share for purchase mortgages since last August. The closing or pull-through…(read more)

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