Posted To: Pipeline Press

There’s a cost to staying at home as much as we do. I went to the doctor the other day. She told me, “I’ve got good news and bad news. The good news is that your weight is perfect. The bad news is that you’re two feet too short.” What is the cost of you keeping a customer versus the cost of finding a new one? According to STRATMOR data, the average time to close a refinance loan is currently around 60 days, with many lenders (depository institutions in particular) experiencing cycle times in the 90 to 110-day range. How are originators supposed to delight borrowers when cycle times are out of control? It starts with setting the right expectations. Data from MortgageSAT, the Borrower Satisfaction Program with more than 260,000 borrower respondents in 2020 , shows…(read more)

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Source: Mortgage News Daily