Washington Mortgage Planner-straight up mortgage advice and commentary

Hello everyone! I hope you day is fruitful. I was just thinking (always a scary thought!) about the fact that it's taking us loan officers of the world longer to get loans done. It's due to a combination of factors. Yes, refinance volume is high and I expect it to stay that way for the first half of the year as rates seesaw up and down. Also, there are less of all of us to handle the increased volume. There are fewer appraisers, underwriters, title people, etc. etc. The backlog at my office means most of the time we're locking loans for 40 days. Of course this doesn't even take into account the purchase side of the equation. This seems to be improving as well. Last year I could count on one hand how many purchase transactions I did. This year I think it might average 1/month. In other  words, a big improvement.

So whatever side of the fence you're on, have patience. These are extraordinary times and we need to recognize that loans take longer to do for a variety of reasons. If you're a borrower, please understand and be sure to get your loan officer all the necessary documentation requested in a timely manner. If you're a real estate professional, please communicate everything and exercise patience with all the providers. I don't think we have much longer to go before turn times, etc improve. It's just now that we need to get through. Have a great day!