There has been a significant reduction mortgage processing times since the first of the year according to ICE Mortgage Technology. Its Origination Insight Report says that the time to close a purchase mortgage, which averaged 57 days in January declined to 53 days in February then to 51 days in March. Refinancing has seen similar improvement, falling from 59 days in January to 52 days in each of the subsequent months. The time to close for all loans was also 51 days, 6 fewer than in January.
“We’re seeing a compelling reduction in the time to close a mortgage as we continue into 2021,” said Joe Tyrrell, president of ICE Mortgage Technology. “Part of the reason is lenders are continuing to adopt digital mortgage tools
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