A brand new loan program offers the possibility of cutting the time necessary to approve and close a loan from over a month to fewer than 10 days.

Data from Ellie Mae Inc.’s Origination Insight Report indicates that it took 48 days from application to closing to process the average loan in October.

But a new program that utilizes electronic verification for some of the most important parts of an application aims to cut turnaround to less than 10 days.

Source: Mortgage Daily