For the fourth consecutive month, lenders were able to speed up times to close, as timelines start to near pre-pandemic processing times.

Purchase mortgages showed the most improvement with closing times. The average time it took for a borrower to close on a home purchase was 49 days in April, down from 51 days in March.

“The decrease in average time to close is not surprising, given the increase we have observed in the adoption of digital transformation tools,” says Joe Tyrrell, ICE president. “Digital mortgage technologies are making it faster and easier to close a mortgage loan, thus improving the overall experience for participants.”

Source: ICE Mortgage Technology