Average time to close? 46 days

NEW YORK – Sept. 28, 2016 – 
The time to close on a mortgage loan is leveling off at about a month and a half after fluctuating for months following last year’s implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated disclosure rules.
But as the learning curve has passed, the average time to close on a mortgage seems to be settling at about 46 days, according to Ellie Mae’s Origination Insight Report. The report shows that the time to close on a loan has remained at 46 days for the past three months. The average time to close a refinance also averaged 46 days.
Sixty-four percent of real estate professionals indicated their contracts were settled on time in August, while 30 percent said they faced delays to settlement, and 6 percent saw their contracts terminated, according to the latest Realtor® Confidence Index, a survey sent to more than 50,000 real estate practitioners. The biggest issues affecting a contract delay were issues related to obtaining financing, the appraisal and a home inspection, according to the survey.
“The fraction of delays due to appraisals has increased in recent months, in part due to a shortage of appraisers and other issues reported by Realtors (e.g. being asked to make ‘inspections’),” the report states.
Source: REALTOR® Confidence Index (August 2016) and “The New Normal: Time to Close Settles at 46 Days,” HousingWire (Sept. 22, 2016)
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Author: Dominick Tascher Group - Blog

Naples to Estero Real Estate Blog by Dominick Tascher Group at MVP Realty brings to the public the latest information about real estate news and trends, market reports, new communities and also topics related to living in the paradise of SW Florida; Naples, Bonita Springs, Estero and South Fort Myers.

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