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Days to close speeds up

Mar 22, 2016
The average number of days to close a mortgage loan dropped to 46 days in February. That is down from 50 days a month prior and more in line with averages prior to new mortgage rules that took effect, according to Ellie Mae’s Origination Insight Report. 
The drop in the average number of days to close on a loan could be one sign that lenders are getting adjusted to new mortgage rules. More loans are closing, too. The report shows the closing rate for all loans was about 69.9 percent, up from 68.4 percent in January. 
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Empire State housing market stays hot in January

New York State home sales remained strong to start the new year with 8,698 closed sales, falling just shy of the 2017 record for January, according to the annual housing market report released by the New York State Association of REALTORS. The January statewide median sales price of $266,000 represented an increase of 8.4 percent from a year ago. Click here to read more.