Posted To: Community Commentary
“Ah! the clock is always slow; It is later than you think; Sadly later than you think; Far, far later than you think”. This quote is from a 19th century poet also known as the Canadian Kipling, Robert Service . He is a very humorous poet. As I read this quote I thought of the time it takes to process a loan from start to finish. We’ve come a long way, but it still takes up to 30 days to get a loan funded after the loan application is taken by the loan officer. It’s interesting that one can walk into a car dealership, get near a 100% loan and drive off the lot with the car dropping 10% to 20% in value immediately. As we review mortgage companies during our warehouse audits, we find some companies are able to shorten the time frame from loan application to loan purchase…(read more)