Skip to main content

Refi Closings for Millennials Taking Longer

Phil Hall
Jul 15, 2019
Photo credit: Getty Images/ronstik

A combination of lower rates and more Millennial homebuyers has resulted in a refinance closing rate that took six days longer from April to May, according to new data from Ellie Mae.
 
The 42-day refinancing closing day speed in May, compared to 36 days in April, is the lowest rate since February 2018. Ellie Mae added that closing on conventional loan refinancing also took 42 days in May, compared to 36 days in April, while time to close for VA refinances jumped from 40 days to 45 days and FHA refinance closings declined from 42 days to 41 days. The time to close for Millennials on all purchase loans remained flat at 40 days month-over-month.
 
“Refinance activity amongst Millennials continued to rise as interest rates dropped,” said Joe Tyrrell, chief operating officer at Ellie Mae. “Time to close has been trending downward recently, but in May, the volume of activity pushed the mortgage finance industry to a tipping point where it spiked dramatically. As the digitization of the mortgage process continues to evolve, increased automation will help borrowers and lenders close all loan types more efficiently, even during periods of increased activity.”
Published
Jul 15, 2019
Fannie Mae Introduces Spanish-Language Homebuyer Education Program

The new platform, HomeView en Español, aims to bridge language barriers hindering Hispanic-Americans from purchasing homes..

Sep 29, 2023
Layoffs At Better.com

After a rocky market debut, Better.com has laid off staff.

Sep 25, 2023
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Sep 19, 2023
Intercontinental Exchange Completes Black Knight Acquisition; Births Dark Matter Technologies Under Constellation Software

Rich Gagliano takes the helm at Dark Matter Technologies, poised to lead the future of Empower LOS with a 1,300-strong team, blending startup agility with decades of industry experience.

Sep 18, 2023
FHFA Invites Public Engagement On Modernized Credit Score Transition

Stakeholder forums and listening sessions planned to ensure seamless rollout; extended timeline for bi-merge credit report requirement in play.

Sep 11, 2023
Desperation Drives Difficulty in Closing Mortgages in California

Analysis reveals California among top 20 toughest states for mortgage closures.

Sep 11, 2023