Posted To: MND NewsWire
Small and medium-sized lenders and community banks appear to be closing loans for refinancing faster than their “mega-lender” counterparts according to the Origination Insight Report for April released Wednesday by Ellie Mae. The company, which samples loan applications that are processed through its loan management software, reported that, “While the average refinance going through our platform took five days longer in April than in March, it still only took 47 days.” Ellie Mae contrasted this to a report from The Wall Street Journal which recently said that the largest retail lenders are now quoting timelines as long as 60 to 90 days for refinancing. Insight , which covers approximately 20 percent of U.S. loan originations, reported that the share of refinance applications actually dropped…(read more)
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