Magazine article Mortgage Banking

August Report Shows Refinance Share Fell Sharply

Magazine article Mortgage Banking

August Report Shows Refinance Share Fell Sharply

Article excerpt

Pleasanton, California-based Ellie Mae published its August Origination Insight Report on Sept. 18 and the new numbers show refinancings plunged in August from one year ago. The refinance share of closed loans fell to 43 percent from 61 percent one year ago, the report found.

Ellie Mae's Origination Insight Report is based on a sampling of loan applications that flow through Ellie Mae's Encompass360[R] mortgage software and the firm's Ellie Mae NetworkTM. The share of loan applications flowing through those sources amounts to more than 20 percent of total residential originations, the company says.

Other trends highlighted in the August report include the rise in the share of adjustable-rate mortgages (ARMs) to 5.9 percent of all closed loans in the month of August (up from 2.7 percent in August 2012); and a slight decline in the share of Federal Housing Administration (FHA) loans to 18 percent in August, down from 21 percent one year ago.

Also, the numbers showed that the number of days to close for refinance loans dropped to 41 days in August. …

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