As the refinance share of mortgage originations continues to deflate, the amount of time it takes to process a loan from application to closing continues to decline.
Of all residential loans that were closed during April 2017, conventional mortgages made up 63 percent. Conventional share was down from 64 percent one year earlier.
Another 23 percent of last month’s production were loans that are insured by the Federal Housing Administration. No change from April 2016 was noted for FHA share.
Source: Mortgage Daily