Residential Finance Corp. created a new team dedicated to purchase mortgage transactions.

The Columbus, Ohio-based mortgage company started the Purchase Loan Quick Reaction Force to ensure that all the purchase loans close and fund on time.

"The mortgage market has been dominated by refinances in the last few years, and many lenders have become less accustomed to the time-sensitive nature of home purchase loans," said Daniel Jacobs, managing director of the company's retail division.

He added, "Purchase loans are a different transaction, and require a different mindset. Refinances are usually optional, and there’s not the same time pressure there is with purchase loans."
In this seller's market, the competition for a house can come down to the mortgage company ensuring the buyer will not miss any financial deadlines, Residential Finance said.