I asked about time to close, you answered

I invited readers to tell me what factors were most to blame and I got some great feedback.

Was this newsletter forwarded to you? Sign up here. Good afternoon —   Yesterday I wrote about time to close and the fact that it has improved very little in the last seven years, despite massive tech innovation. I invited readers to tell me what factors were most to blame and I got some great feedback.   Most of the pain points concerned people, not technology. In some cases, the tech is right there, but LOs won't use it. I can only imagine how frustrating that is to execs who spent time, energy and money making that tech available, only to see LOs waste time reverting to a manual process they are comfortable with.   James Schlimmer, managing partner at Cottrell Title and Escrow in Naples, Florida, and CEO of efizbo, noted multiple parties can slow things down: Lenders not getting final numbers and closing packages to the title company with enough notice. "Closing disclosures are being sent to us to get into balance the day of closing or the evening before. This has gotten frantically worse with the increased volume we all have" Mail-away closings and in-person notaries not following instructions, missing the FedEx cut off For FIRPTA files, the IRS is "beyond backlogged when sellers are doing withholding certificates and we keep their funds in our escrow account" Property associations are delayed on getting associations estoppels and certificate of approvals out to title Title companies may give the buyer the wrong closing day amount, causing them to have to make multiple trips to the bank Missing or wrong docs delivered at closing table Title not examining schedule B-I immediately and notifying all parties of curative items that can take time. "You can lose days or weeks by not being on top of this" Some of the biggest speedbumps are homebuyers and sellers themselves. Tim McLaughlin, CIO and EVP of capital markets at Weichert Financial Services, said that sellers are having a hard time getting their next house and buyers might be waiting for leases to expire.   "With our real estate partners, we have the loans approved and ready to close in 25 days in most cases, but we end up waiting on the buyers, or the sellers, or both, to close the loan. We would love to close the transactions ASAP, but it is usually the buyer/seller drag that is delaying the end game."   If the comments I got are any indication, the paper shuffle is still the biggest time-waster, particularly when it comes to gathering and delivering required documentation.   We're doing a larger feature on turn times next week, so stay tuned, and keep sending me your comments!    Until Tuesday —   Sarah Wheeler HousingWire Editor in Chief NHC's David Dworkin addresses affordable housing    In this crossover episode, NHC's David Dworkin discusses affordable housing, which federal policies could improve Black homeownership and the CFPB's delay of the final QM rule. Listen now Rising Silicon Valley home prices aren't deterring buyers    Average home prices in Silicon Valley have hit $1.4 million, but agents in the area are still reporting eight to 10 offers per listing. Consumer Research: The Mortgage Experience Borrowers Expect Two white papers explore how lenders can modernize appraisal and closing for a better borrower experience. Using survey data from 1,500 consumers who recently interacted with the mortgage process, they provide actionable recommendations for today's lenders. Download the white papers. Sponsored by ServiceLink Redfin: Over half of buyers are going above asking price    Redfin found that 51% of homes have sold for more than listing price in the four-week period ending May 23, 2021 — up from 26% one year ago. How lenders can stay competitive as the refi boom slows   Whether lenders want to lower costs or improve performance, outsourcing can strengthen a company's operations regardless of the market. Presented by Computershare Loan Services HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039, (469) 893-1480 Unsubscribe Manage preferences

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