I was reading Ellie Mae’s ePass Network press release and was reminded of the Good Ole Days.
“Back in 1993, the average mortgage transaction took 270 days to complete compared to 90 days in 2003″, explained Doug Duncan, chief economist of the Mortgage Bankers Association (MBA) during his address at the MBA’s National Technology in Mortgage Banking Conference & Expo in March 2006. “Today, the average loan takes approximately 30 to 45 days to complete from the moment the application is taken to the day the loan is closed,” explains Anderman. “And thanks to technology solutions like the ePASS Network, we now believe a two-day turn-around for a mortgage loan is well within our reach.”
Amazing really. One of the first things my boss tought me was to never lock for less than 90 days unless the loan is already approved. It was just to risky. I really wonder if there are any industries that have increased efficiency through the use of Internet technology more than the ours has.
Record home ownership has far more to do with you, me, and companies like Ellie Mae than the polotitions who typically try to take credit for it.
Mortgage Industry Professionals. Like what you see?
SUBSCRIBE for free by RSS or email, and never miss a post!
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.
You know you want to leave a comment!
First time comments will be moderated before publishing. All voices and opinions are welcome so long as you conduct yourself in a professional manner, and contribute to the conversation at hand.