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Cathy Antonucci
701 W. Market Street
Perkasie  PA 18944
 Phone: 215-453-7653 1156
Office Phone: 215-453-7653
Cell: 215-589-5656
Fax: 267-354-6233 
cantonucci@remax440.com
Cathy Antonucci
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Time to Close a Loan Ticks Up

December 30, 2015 3:30 am

The time it takes to close a loan has gone up an average of three days, increasing to 49 days for both conventional and FHA loans and 50 days for VA loans, according to a recent Ellie Mae® report.

“We are beginning to see the anticipated impacts of the Know Before You Owe changes that went into effect in October,” says Jonathan Corr, president and CEO of Ellie Mae. Know Before You Owe, or the RESPA-TILA regulation, is designed to inform consumers of their loan options, help them shop for the best mortgage and prevent mishaps on the road to close.

The Ellie Mae report also shows that the average FICO score on all closed loans fell to 721, marking the sixth consecutive month of decline. The driver of the FICO reduction appears to be average FHA refinance FICO scores falling for the second straight month to 648.

Source: Ellie Mae

Published with permission from RISMedia.