Mortgage Closing Cycle Time

Benchmarking Report

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).


Download a Sample Mortgage Closing Cycle Time

Frequently Asked Questions

Q: How do you collect and validate your data?

A: From real-world consulting engagements with Fortune 500 leaders. We’ve spent 25 years conducting original research and anonymizing data from our engagements with top companies around the world. Every single data point we collect is scrutinized by our analysts to conform to established baselines and our rigorous in-house validation process. We won’t serve it up to you unless it meets our tough standards for utility and value.

Q: How much information will my Benchmarking Report contain?

A: Enough to produce a useful benchmark. And rest assured that it’s all current, validated, and useful. We only include data that’s been collected in the last five years. And while sample sizes vary by KPI, the average is 25, and the high end can surpass 1,000.

Q: How often do you update your reports?

A: Every year. We’re constantly gathering, scouring, and processing new data. We update our reports based on trends our analysts detect in the data, as well as the demand from our consulting clients and customers like you.

Q: Your download-able reports look great. But I need something custom. Can you help?

A: Heck yes. Our crack research teams just love custom assignments, and would be delighted to perform targeted research tailored to your specific requirements. Find out just how fast and affordable this is: Email us (info@opsdog.com) or call us at 866.650.2888 and one of our friendly professionals will be happy to answer all your questions.

Have a question? Call: 844-650-2888 Email: info@opsdog.com