In an analysis of more than 5,000 closed home loans, LendingTree determined the median time from early rate shopping to closing on a purchase mortgage declined seven days between March 2016 and March 2017. During this period, LendingTree recorded a 19 percent increase in the number of loans closed within 30 days and a 27 percent increase in loans closed in 60 days.
"The digital mortgage revolution is transforming the way consumers shop for loans and the way mortgage providers meet their needs," said Sam Mischner, Chief Sales Officer and Head of Mortgage at LendingTree. "We've seen average closing times shorten over time due to innovations in the industry. As the process becomes more automated, simplified and streamlined, we believe closing times will continue to decline."