Magnetic resonance (MR) fingerprinting is a technique for acquiring and processing MR data that simultaneously provides quantitative maps of different tissue parameters through a pattern recognition algorithm. A predefined dictionary models the possible signal evolutions simulated using the Bloch equations with different combinations of various MR parameters and pattern recognition is completed by computing the inner product between the observed signal and each of the predicted signals within the dictionary. Though this matching algorithm has been shown to accurately predict the MR parameters of interest, one desires a more efficient method to obtain the quantitative images. We propose to compress the dictionary using the singular value decomposition, which will provide a low-rank approximation. By compressing the size of the dictionary in the time domain, we are able to speed up the pattern recognition algorithm, by a factor of between 3.4-4.8, without sacrificing the high signal-to-noise ratio of the original scheme presented previously.