According to Ellie Mae's latest Origination Insight Report, the average closing time for first mortgages in June was 47 days, a three-day increase from the previous month.
In an effort to overcome this industry challenge of on-time closing fulfillment, Churchill Mortgage, offering conventional, FHA, VA and USDA residential mortgages across 30 states, has introduced its Purchase Guaranteed Close program, which promises timely closing of loans for qualified borrowers.
The program ensures the agreed-upon close date is met. The guarantee starts from the time the loan officer receives a full and complete loan application package from the borrower. If the loan is not closed within the agreed upon date, Churchill will provide a $1,000 credit to the borrower at the time of closing.