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AWM Consulting Analytics • Confidential
Across 16,546 loans (2022–2026), the Application-to-Closing cycle averages 32.3 days (median 25). In 2025, this improved to 30.9 days. The full lifecycle from Started to Funding averages 72.1 days, and Started to Purchased averages 118.4 days. The post-close phase (Funding → Purchased) adds 38.8 days on average, dominated by shipping-to-purchase wait times. Within the core closing cycle, conditions gathering (UW → Conditions Submitted) remains the largest phase at 14.5 days. Year-over-year, 2025 delivered the best Application-to-Closing performance, and 86.3% of loans fund within 45 days of application.
| Phase | Mean (Days) | Median | P25 | P75 | P90 | Std Dev | N |
|---|---|---|---|---|---|---|---|
| Pre-Application Phases | |||||||
| Started → Prospect | 31.6 | 12.0 | 4.0 | 33.0 | 84.0 | 49.8 | 16,319 |
| Prospect → Credit Report | 21.3 | 5.0 | 0.0 | 22.0 | 55.0 | 37.7 | 7,254 |
| Credit Report → Application | 13.2 | 6.0 | 2.0 | 16.0 | 35.0 | 17.7 | 12,248 |
| Subtotal: Started → Application | 40.5 | 15.0 | 16,514 | ||||
| Application-to-Closing Phases (Core Cycle) | |||||||
| Application → Submitted | 7.9 | 2.0 | 1.0 | 8.0 | 18.0 | 20.8 | 16,419 |
| Submitted → UW Completed | 4.0 | 2.0 | 1.0 | 5.0 | 7.0 | 13.0 | 15,159 |
| UW Completed → Conditions Submitted | 14.5 | 10.0 | 5.0 | 16.0 | 28.0 | 20.1 | 15,350 |
| Conditions Submitted → CTC | 1.4 | 1.0 | 0.0 | 2.0 | 3.0 | 2.8 | 15,346 |
| CTC → Docs Out | 1.6 | 1.0 | 0.0 | 2.0 | 4.0 | 2.8 | 15,346 |
| Docs Out → Docs are Back | 4.4 | 3.0 | 2.0 | 6.0 | 8.0 | 3.9 | 9,974 |
| Docs Back → Doc Review | 0.6 | 0.0 | 0.0 | 1.0 | 3.0 | 2.1 | 9,976 |
| Doc Review → Fund Cond. Sub. | 0.1 | 0.0 | 0.0 | 0.0 | 1.0 | 1.3 | 9,976 |
| Fund Cond. Sub. → Funding | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 2.5 | 9,103 |
| Subtotal: Application → Funding | 32.3 | 25.0 | 18.0 | 36.0 | 58.0 | 28.9 | 16,480 |
| Post-Close Phases (Funding to Purchased) | |||||||
| Funding → Shipping Released | 4.1 | 0.0 | 0.0 | 1.0 | 8.0 | 17.7 | 9,758 |
| Shipping → Waiting for Purchase | 35.1 | 17.0 | 8.0 | 44.0 | 89.0 | 42.0 | 7,387 |
| Waiting → Purchased | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 11,623 |
| Subtotal: Funding → Purchased | 38.8 | 20.0 | 11,453 | ||||
| Full Lifecycle | |||||||
| Total: Started → Funding | 72.1 | 46.0 | 33.0 | 78.0 | 145.0 | 72.3 | 16,494 |
| Total: Started → Purchased | 118.4 | 82.0 | 11,602 | ||||
Each curve shows the number of loans reaching that milestone on a given day after Application. The rightward shift between curves reveals where time accumulates in the pipeline.
UW Completed → Conditions Submitted averages 14.5 days (P90 of 28). This single phase accounts for nearly half the closing cycle. The wide spread signals inconsistency. Automated condition checklists, proactive borrower outreach, and processor SLAs targeting a 7-day median would yield the greatest ROI.
Submitted → UW swung from 2.2 days (2022) to 6.9 days (2024), then back to 2.6 in 2025. This volatility correlates with volume surges. Building UW capacity buffers or automated pre-screening could stabilize this phase.
From CTC through Funding, total elapsed time is under 7 days. Conditions → CTC (1.4d), CTC → Docs Out (1.6d), and downstream steps are consistent with low variance. Maintain current processes.
Application-to-Closing improved from 33.6 days (2022) to 30.9 days (2025), an 8% reduction. 2023 was the worst year at 36.0 days, driven by conditions gathering (18.9d) and UW backlogs (5.2d).
Purchase: 31.7 days vs. No Cash-Out Refi: 36.2 days. Contract deadlines create natural urgency. Applying similar deadline-driven workflows to refinances could narrow this gap.
Throughout this report, the median is consistently lower than the mean. This indicates a right-skewed distribution — the majority of loans close relatively quickly, but a smaller subset of delayed loans pulls the average upward.