Ten Day Close: Is It Possible?

I remember back to the first time I heard that a mortgage company in town had something called the Ten Day Close – where they guaranteed they could close a loan in ten days.

I just couldn’t see how it could be possible because at the time it was taking me a minimum of 30 days to get a loan closed – and that was if everything went right.

But I went ahead and got on one of the bigger Phoenix real estate blogs and said these exact words:

So if you are planning on buying a home in Arizona and find yourself in this situation – who do you call?

Not me.

Call these guys.

They promise with their checkbook that they can get your loan closed in 10 days or less.

Which in my opinion is absolutely-eye-popping-remarkable for today’s lending environment. They have managed to put all of the pieces together under that are required to do this and if it were up to me, I would put them on the Today Show for being able to pull it off on a consistent basis.

But they haven’t asked me to write on their blog.

Yet.

And it wasn’t long after I wrote that post where I got the chance to join the team that is the home of the Ten Day Close and it has been fun to comment on the things I see them do to enable the Ten Day Close to be real.

Honestly, it isn’t rocket surgery. Putting all of the pieces in place for the Ten Day Close include:

• Having in-house processing.
• Having in-house underwriting.
• Having in-house closing department.
• Having an in house funding department.
• Having an in-house operations manager who makes it all happen.

That is pretty much it.

But for a variety of reasons, very few other mortgage companies do it the way that Academy Mortgage does it — which leads into the Ten Day Close being so difficult to pull off on a regular basis.