Closing a mortgage is becoming faster as technology helps lenders to process applications more efficiently
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Closing a mortgage is becoming faster as technology helps lenders to process applications more efficiently.
An analysis of a sampling of more than 5,000 closed loans in the spring by online mortgage marketplace LendingTree found that the median time for the entire shopping process for a purchase loan has fallen by 7 days in a year.
That includes the time from submitting a loan request through closing.
The share of mortgages closing within 30 days is up 19% in a year and the share closing within 60 days is up 27%.
“The digital mortgage revolution is transforming the way consumers shop for loans and the way mortgage providers meet their needs,” said Sam Mischner, Chief Sales Officer and Head of Mortgage at LendingTree. “We’ve seen average closing times shorten over time due to innovations in the industry. As the process becomes more automated, simplified and streamlined, we believe closing times will continue to decline.”
LendingTree says that 13 of the lenders on its platform are fully digital, 6 are in the process of becoming fully digital and more than 20 are at least partly digitized.
An analysis of a sampling of more than 5,000 closed loans in the spring by online mortgage marketplace LendingTree found that the median time for the entire shopping process for a purchase loan has fallen by 7 days in a year.
That includes the time from submitting a loan request through closing.
The share of mortgages closing within 30 days is up 19% in a year and the share closing within 60 days is up 27%.
“The digital mortgage revolution is transforming the way consumers shop for loans and the way mortgage providers meet their needs,” said Sam Mischner, Chief Sales Officer and Head of Mortgage at LendingTree. “We’ve seen average closing times shorten over time due to innovations in the industry. As the process becomes more automated, simplified and streamlined, we believe closing times will continue to decline.”
LendingTree says that 13 of the lenders on its platform are fully digital, 6 are in the process of becoming fully digital and more than 20 are at least partly digitized.
