Thirty to 60 days. That’s how long the average mortgage approval can take, according to Realtor.com. In some cases, it can take even longer. For mortgage originators, these delays can increase costs by extending rate locks or forcing applications to be reprocessed, adding administrative expenses and hurting relationships with borrowers, which could lead to lost business and reputational damage.
These delays remain a persistent challenge for mortgage originators in terms of cost, borrower satisfaction and financial stability. There is a clearer pathway for mortgage originators to streamline and improve operations so they can enjoy shorter closings and improved relations with their clients and referral partners. Finding this pathway lies in identifying the areas of the business that are eating into time and costs, the challenges creeping in around archaic processes, legacy systems and dated platforms. Doing so can give you an edge in the competitive mortgage market.
“If companies want to meet shorter closing times, they need to remove duplication, refine processes and remember one very important thing: People are the heart of this industry.”
