Six months after the implementation of mortgage-profit-killing TRID rules, the market has turned a corner, with time to close loans down to 46 days.
That’s the shortest closing time since May 2015, down from January’s 50-day loan origination time, according to the latest Origination Insight Report from Ellie Mae, a software company that processes almost a quarter of U.S. mortgage applications.
“I think we’re in the second half of the game,” Ellie Mae CEO Jonathan Corr tells HousingWire. “We’ve gotten past the initial learning curve that comes from brand new regulation.”
That’s good news for lenders, as the TRID rules have helped cut mortgage profits down from Q3’s $1,238/loan to $493/loan in Q4 due to the new overhead involved. [HousingWire]
