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“It will really come down to what
happens with rates. If we stay in that
mid- 4 percent range and below, we
think it will be a good market, a good
year for originations and house prices.”
Senior vice president, Valuations Solutions Group,
Victor Whitman is chief reporter at Scotsman Guide Media.
Reach him at (425) 984-6017 or firstname.lastname@example.org.
The average time to close a home loan fell to a
27-month low this past April, Ellie Mae data shows.
Average closing times for all residential mortgage
loans stood at 42 days, which is down by nine
days from this past January, the company said.
The number reflects the time between the initial
application and the loan closing.
Executive vice president, Data & Analytics Division,
Black Knight Financial Services
“It is not practical that we are going
to address the industry’s desire to
compress turn times [for appraisals]
solely by increasing the number of
Refinancing volume wanes
Refinancing volume dropped significantly
this past first quarter as home purchases
increasingly dominate a market marked by
rising interest rates. The volume share of
refinancing has fallen 32 percentage points
since its peak in 2013, Mortgage Bankers
Association data shows.
Source: Ellie Mae
Source: Mortgage Bankers Association
Q1 ’ 13 Q1 ’ 14 Q1 ’ 15 Q1 ’ 16 Q1 ’ 17
Average Loan Closing Times
From Application to Funding
Refinance Share of Mortgage Origination Volume