Home >> News >> Data >> LendingTree Releases Report on Closing Timelines
Print This Post Print This Post

LendingTree Releases Report on Closing Timelines

""LendingTree, LLC"":www.lendingtree.com/, is reaching out to originators and borrowers with an information release that focuses on consumer preparedness during the mortgage loan process. Citing borrowers' frustration with the pace of loan originations, LendingTree put out a report cataloging the top five documents that those seeking and selling mortgages can use to help facilitate faster processing.

[IMAGE]

Results from a recent survey conducted by the online resource showed that 64 percent of lenders say that the timeline for closing a mortgage loan has increased, due to an influx of borrowers seeking to refinance their current mortgages at record-low rates. Additionally, the study revealed that refinancing processes average around 45 days to reach completion, while newly originated loans require slightly less time.

According to LendingTree, originators who encourage prospective or refinancing borrowers to prepare a handful of critical documents prior to the initiation of a mortgage loan are likely to be able to expedite the closing timeline. LendingTree's list of important paperwork includes copies of W-2 forms and/or federal tax returns covering two previous years, up-to-date pay stubs, updated statements for any outstanding loans and/or debt, bank and asset statements covering three previous months, and a current credit report.

Weighing in on the company's release, LendingTree's founder and CEO, Doug Lebda, said, ""Obtaining a home loan can be an overwhelming process. Doing the groundwork before entering the loan process will allow for a smoother transaction with less frustration. Although lenders are flooded with volume, borrowers who come to the table prepared will increase lender efficiency and will allow for a shorter closing timeframe.""

In a company statement, LendingTree went on to note that additional or more elaborate documentation may be warranted for certain loan types. Specifically, LendingTree pointed out that those seeking a purchase mortgage would also need to present copies of their agreement and real estate contract, and the company added that those pursuing refinancing should prepare copies of their current homeowner's insurance policy, as well as their most recent mortgage statement.

LendingTree is considered the country's leading provider of web-based lender and personal finance resources. Through its online platform, LendingTree is committed to giving consumers a connection to multiple informational tools and lenders that can assist them in making sound financial decisions.

About Author: Abby Gregory

x

Check Also

Affordability will be Driving Housing Market Force in 2023

"Affordability is going to be the biggest factor in housing for 2023, but there's room for optimism on that front if mortgage rates recede," said Zillow Chief Economist Skylar Olsen.