New RESPA guidelines increase the time it takes to close a mortgage transaction.
As most people are quickly finding out, the real estate business in North Texas is starting to pick up. Combine this with scaled back underwriting staffs and a bunch of new rules that nobody is sure how to follow and you get slower turn around times. I heard the other day that the average close time is running 6-8 weeks. Fortunately for those that are buying and selling, purchase transactions have priority with most lenders. Our close times for purchases are currently 3-4 weeks for loans we close in house. Loans closed with other lenders vary depending on the lender and program.
About Me
- BryanJMay
- I work full time as a Residential Mortgage Loan Officer. I am a full time student at Texas Christian University and I volunteer with kids at Lifestone Church. I also do a little work in the oil and gas and title industry.
Monday, January 25, 2010
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