Magazine article Mortgage Banking

Ellie Mae Report Shows Loans Taking Longer to Close

Magazine article Mortgage Banking

Ellie Mae Report Shows Loans Taking Longer to Close

Article excerpt

Pleasanton, California-based Ellie Mae released its September Origination Insight Report, and it showed purchase loans took an average 41 days to close in September--up from 38 days in August. Refinance loans took an average 40 days to close. That was up from 39 days in August.

A press release on the report's findings noted that refinancings as a share of overall loan volume rose 3 percent in September from August. That brought the share of refis to 36 percent of closed loans in September. The uptick in the refinancing share marked the first monthly increase this year, according to the company.

The new report shows the average FICO[R] score for denied loans of all types was 694 for loan applications initiated on Ellie Mae's Encompass mortgage origination platform. The average FICO for closed first mortgages in September was 726.

The share of Federal Housing Administration (FHA) closed loans in September was 19 percent, down from 20 percent in August and flat from one year ago. …

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