Mortgage Closing Cycle Time
This PDF report includes benchmarking data (in a visual, chart-based format), an comprehensive KPI definition, characteristics of high performers and technical details on measuring Mortgage Closing Cycle Time. Purchase and download this easy-to-understand, presentation-ready report immediately to compare performance levels, set attainable performance targets, and push towards best-in-class performance for this KPI.
What is Mortgage Closing Cycle Time?
The average number calendar days required for the institution to process, close and fund (i.e., originate) a mortgage loan, from the time the loan application is received until the mortgage has been closed and funded by the institution.
Why should Mortgage Closing Cycle Time be measured?
Mortgage Closing Cycle Time is a vital mortgage lending KPI that measures the average number of days required by the institution to process and close a mortgage. This KPI is important to both internal operational performance, and the overall mortgage lending customer experience. Extended closing cycle times (i.e., "down to the wire") are commonly cited by borrowers as a major source of frustration during the origination process. Several common factors may extend loan closing cycle times, including lack of transparent loan document checklists, complex or poorly communicated loan application forms and requirements, many separate underwriting touchpoints (i.e., underwriter must request documents repeatedly from borrowers, loan officers, processors, etc.), and a general lack of clarity as to where the loan currently sits within the origination process. Extended mortgage cycle times not only reduce organizational capacity, but can greatly diminish service levels and lead to high borrower drop out rates (i.e., low conversion rate).
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