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HousingWire: Purchase Market Will Highlight Closing Process Problems

Let’s admit it. The closing process, that time between underwriting approval and the actual closing, is the mortgage industry’s not-so-secret Achilles’ heel. That’s not a knock on the good professionals who enact minor miracles choreographing the multi-faceted ballet that is a typical closing…..In 2019, The MBA estimated that for depositories, 46% of retail origination costs were used to cover sales functions. (Source: MBA and STRATMOR Peer Group Roundtables, July, 2019). For non-depositories, it was 58%. Depository or not, that still means almost half of the cost to originate a loan comes from the production element.

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