MortgageKPI
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Operational KPIs

14 metrics for measuring process efficiency

Operational KPIs track cycle times and process efficiency at every stage. These metrics help identify bottlenecks, reduce delays, and improve the borrower experience.

Cycle TimesMilestone DurationWarehouseVendor Performance
Average Days to Close
critical
Average number of days from application to funding. Primary measure of overall process efficiency.
Formula
Sum(Funding Date - Application Date) ÷ Funded Loans
Benchmark: 25-35 days (purchase), 20-30 days (refinance)
Lower is better
Example: Average 28 days to close in Q3
Common Dimensions
Loan TypeBranchLoan OfficerChannel
Warehouse Cycle Time
critical
Days from funding to investor purchase. Affects warehouse line utilization and carrying costs.
Formula
Sum(Purchase Date - Funding Date) ÷ Loans Purchased
Benchmark: 5-10 days
Lower is better
Example: 7.2 day average warehouse dwell
Common Dimensions
InvestorLoan TypeIssue Type
Days in Processing
high
Average time loans spend in the processing milestone before submission to underwriting.
Formula
Sum(Submit Date - Processing Start) ÷ Loans
Benchmark: 7-14 days
Lower is better
Common Dimensions
ProcessorLoan TypeComplexity
Days in Underwriting
high
Average time from submission to underwriting decision.
Formula
Sum(Decision Date - Submit Date) ÷ Decisions
Benchmark: 2-5 days
Lower is better
Common Dimensions
UnderwriterLoan TypeDecision Type
Days in Closing
medium
Average time from clear-to-close to actual closing date.
Formula
Sum(Close Date - CTC Date) ÷ Closed Loans
Benchmark: 3-7 days
Lower is better
Common Dimensions
CloserLoan TypeState
Days from Close to Fund
medium
Time from loan closing to actual disbursement of funds.
Formula
Sum(Fund Date - Close Date) ÷ Funded Loans
Benchmark: 0-3 days
Lower is better
Common Dimensions
FunderStateIssue Type
Condition Turnaround Time
high
Average time to clear underwriting conditions after receipt of documents.
Formula
Sum(Clear Date - Receipt Date) ÷ Conditions Cleared
Benchmark: 24-48 hours
Lower is better
Common Dimensions
ProcessorCondition Type
Rework Rate
high
Percentage of loans requiring additional work after initial submission or closing.
Formula
(Loans with Rework ÷ Total Loans) × 100
Benchmark: <15%
Lower is better
Example: 12% of loans required post-close corrections
Common Dimensions
Rework ReasonProcessorLoan Officer
Suspension Rate
high
Percentage of submissions suspended by underwriting for missing or inadequate documentation.
Formula
(Suspended ÷ Submitted) × 100
Benchmark: 15-25%
Lower is better
Common Dimensions
ProcessorUnderwriterSuspension Reason
On-Time Closing Rate
high
Percentage of loans closing on or before the original target close date.
Formula
(On-Time Closes ÷ Total Closes) × 100
Benchmark: 80-90%
Higher is better
Common Dimensions
Loan OfficerProcessorLoan Type
Lock Extension Rate
medium
Percentage of loans requiring rate lock extensions due to process delays.
Formula
(Extended Locks ÷ Total Locks) × 100
Benchmark: <10%
Lower is better
Common Dimensions
Delay ReasonProcessorLoan Officer
Document Collection Time
medium
Average days to collect all required documentation from the borrower.
Formula
Sum(Complete Date - Request Date) ÷ Loans
Benchmark: 5-10 days
Lower is better
Common Dimensions
Loan OfficerDocument TypeLoan Type
Appraisal Turnaround
medium
Days from appraisal order to receipt of completed appraisal report.
Formula
Sum(Receipt Date - Order Date) ÷ Appraisals
Benchmark: 7-14 days
Lower is better
Common Dimensions
AMCProperty TypeMarket
Title Turnaround
medium
Days from title order to receipt of clear title commitment.
Formula
Sum(Commitment Date - Order Date) ÷ Title Orders
Benchmark: 5-10 days
Lower is better
Common Dimensions
Title CompanyStateProperty Type