Thursday, May 17, 2012

Mortgage Closing Time Lines Sad but True

From earlier Rob Christman on the loan process: Accenture Credit Services announced that, "Low interest rates, less competition, more regulation and tighter credit standards have pushed the time it takes the biggest mortgage lenders to refinance a mortgage loan from 45 days a year ago to more than 70 days now." Underwriters, who in the past could underwrite 6-8 files a day, now do 2-3 - and they've turned into auditors instead of underwriters. And the borrower, of course, is the one who pays the cost of the longer time frames and the higher overhead. See Mr. Will from Jacksonville's web page or Google

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