LenderLogix reported a 15% decrease in preapproval letters generated through its QuickQual program in Q3 2024, totaling 49,392. Despite the dip, the average preapproval loan amount increased by 26% to $388,215, reflecting rising property sales prices. The average days between preapproval and loan submission rose to 91 days, indicating prolonged processing times. This data underscores a complex market dynamic where potential borrowers face hurdles despite higher loan amounts.
Despite generating 49,392 preapproval letters, LenderLogix noted that the average number of preapproved borrowers per loan officer fell to 28.5 in Q3 2024. The conventional loan market remained stable, accounting for 76% of all preapproved borrowers, with consistent rates across other loan categories. The decrease in down payment percentage to 13% signifies a shift in borrower financing strategies amid changing market conditions.
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