by Sarah M. Glaser, Esq., Associate, Saxon, Gilmore, Carraway & Gibbons, P.A.
A recent internet article analyzed a study of the amount of time needed to process residential mortgages in 2012. The study compares the length of time needed to close on a mortgage loan to the time needed to close in 2011. The author noted that “the time needed to close a mortgage loan has increased by almost 25% over the last year.” The article credits more stringent lending guidelines and loan refinancing for the additional time added onto the mortgage closing process. One benefit to this longer closing process? Loan quality is on the rise, with loan FICO scores rising consistently.
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