RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Home Loan Closing Timeline Averages 50 Days

February 23, 2016 2:00 am

Recently effective regulation has impacted the real estate transaction timeline, extending the time needed to close a loan to an average of 50 days, according to a recent Ellie Mae® report. For homebuyers and sellers, this underscores the need for a real estate professional well versed in the loan process.

“We continue to see the time to close lengthen month over month, now reaching 50 days, which is up four days since TRID [regulation] went into effect,” says Jonathan Corr, president and CEO of Ellie Mae.

The Ellie Mae report shows:

- The average time to close a conventional loan is 49 days.
- The average time to close a purchase loan is 51 days.
- The average time to close a refinance loan is 48 days.
- The average time to close a FHA loan is 51 days.
- The average time to close a VA loan is 53 days.

Ellie Mae data also show that the average FICO credit score on closed loans is decreasing, down recently to 719 from 722. The average FHA refinance FICO score declined, as well, down to 645 from 651.

Source: Ellie Mae

Published with permission from RISMedia.


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Report: Data Privacy Upstages Lost Income Concerns

February 22, 2016 1:57 am

A sign of the times? For many Americans, losing income pales in comparison to a breach in personal data privacy, according to a recent analysis by the National Cyber Security Alliance (NCSA). Data privacy concerns also outrank concerns regarding healthcare, crime and climate change.

“Consumers are increasingly aware, interested and concerned about their privacy and they’re acting on it,” says Michael Kaiser, executive director of the NCSA. “However, if Internet users knew more, they would do more. [Our] research points to an awareness-action shortfall that belies a growing confidence in Americans’ personal ability to protect their online data.”

This shortfall is reflected in the following findings:

• Sixty percent of Americans included in the research are aware they can delete their cookies, cache or browsing history; 53 percent actually do.

• Forty-three percent are aware they can turn off smartphone location tracking; 29 percent actually do.

• Forty-three percent are aware they can change the privacy settings on their social media accounts; 24 percent actually do.

• Thirty-three percent are aware they can read privacy policies; 16 percent actually do.

This privacy awareness deficit has done little to quell concerns, according to the analysis. In fact, 92 percent of Americans participating in the research worry to some extent about their online privacy; 44 percent are “always” or “frequently” concerned. What’s more, 46 percent feel they have no control over the personal information they’ve provided on the Internet.

“As the vast amounts of data being collected, exchanged and stored online increases, NCSA urges all digital citizens to own their online presence and manage their privacy,” says Kaiser. “We encourage consumers to use available tools and take actionable steps to manage their privacy, such as limiting access on social media, keeping all apps, software and devices updated and understanding that their personal information—just like money—has great value and thus, should be protected.”

Markedly, nearly three-quarters of Americans cited in the analysis have gone so far as to limit their online activity due to privacy concerns.

Source: National Cyber Security Alliance

Published with permission from RISMedia.


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