Lenders are closing loan applications more quickly in July than they were three years ago, according to an Ellie Mae report.

The technology company's July Origination Insight Report, which analyzes mortgage files processed with its loan origination system, showed loans that closed during the month of July took an average of 37 days to go from application to funding. That's the shortest closing time since Ellie Mae began tracking the metric in August 2011.

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