Last week’s blog touched on two subjects close to Millennials’ hearts: technology and philanthropy. While I won’t rehash the findings from the Downtown Chicago MBA conference here, I will say that a new report by Ellie Mae confirms these assertions.
Millennials are so intertwined with technology that they’ve come to expect results at lightning speed. We all know this isn’t always possible, particularly within our industry, though we’re all doing what we can do make the mortgage process easier and faster. Ellie Mae’s latest Millennial Tracker results show that the average close time for Millennial borrowers dropped to just 44 days in February. This was the shortest average close time since March 2016.
Millennial purchase loans closed in 42 days this February, while a refinance loan took 52 days, FHA loans took 43 days and VA loans closed in just 41 days. The company notes this is likely due to the use of innovative, in-demand software solutions and services.
You may recall FREEandCLEAR’s latest mortgage survey noted that one of the industry-wide complaints was the length of the mortgage process. If that survey wasn’t enough to drive the efficiency point home, hopefully Ellie Mae’s study is. The writing is definitely on the wall that consumers want to get in and out of this process as quickly as possible so they can swiftly move into their new home. Do what you can to make this a reality for them.