A brand new loan program offers the possibility of cutting the time necessary to approve and close a loan from over a month to fewer than 10 days.
Data from Ellie Mae Inc.’s
Origination Insight Report indicates that it took 48 days from application to closing to process the average loan in October.
But a new program
that utilizes electronic verification for some of the most important parts of an application aims to cut turnaround to less than 10 days.
That program is
the Caliber Ultimate Homebuying Experience, according to an announcement Thursday from Caliber Home Loans Inc.
The Irving, Texas-based company
said the program streamlines the loan application, approval and closing experience.
“Caliber created the Ultimate Homebuying Experience to simplify the mortgage process and to reduce stress for Caliber’s clients and customers by combining technological advancements with personalized assistance from Caliber’s best-in-class loan officers and account executives,”
today’s statement said.
According to Caliber, the full application process takes just minutes to complete.
Electronic verification is used for income, assets and employment.
Caliber said that “an approval and closing that can take less than 10 days on eligible mortgages, which traditionally takes more than 30 days.”
The program is available on conventional mortgages, government loans and Caliber’s portfolio loans.
The program is immediately available.
