Early on in 2016, the average time to close on a home mortgage loan had risen to an average of 50 days. The delay was a direct result of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule which changed the type and complexity of loan information industry professionals had to pass on to borrowers. Within the next few months, however, the time to close worked its way back down to a 12 month low of only 44 days.
Yet, the this figure has begun creeping back up again. Ultimately, July 2016 Ellie Mae findings reported an average wait of 46 days. According to an article published in HousingWire.com by Ben Lane, “…is this year’s increase in days to close just the industry fully settling into the post-TRID world and finally finding some semblance of normalcy, or is it more concerning than that? Only time will tell.”
The article goes on to provide additional figures from the Ellie Mae report. For example, July 2016 closing rate for all loan rose to 71.6% and the 30-year mortgage rate reached its lowest since March 2015. For more details, read the entire article.