The 30-year rate on conventional loans fell again, dropping to 3.44 percent, down from 3.48 percent in April. Similarly, the 30-year rate on FHA loans fell to 3.45 percent in May, down from 3.56 percent in April. The 30-year rate on
Other statistics of note in May included:
The time to close all loans increased to 45 days in May, up from 42 days in April.
FICO scores on all loans increased to 750 in May, up from 749 in April driven by Conventional refinances.
Closing rates dropped to 76% down from 76.5% in April and 78% in March.
"Interest rates continued to decline in May, but we are seeing signs of refinances leveling out as the percentage of closed refinances held at 65 percent for the second month," said
The Origination Insight Report mines data from a robust sampling of approximately 80 percent of all mortgage applications that were initiated on the Encompass® all-in-one mortgage management solution.
In addition to the Origination Insight Report,
2020* Apr.
2020* 6 Months Ago
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*All references to months should be read as month ended. PROFILES OF CLOSED AND DENIED LOANS FOR
More information and analysis of closed and denied loans by loan purpose and investor are available in the full report at http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/.
To get a meaningful view of lender pull-through,
The Origination Insight Report focuses on loans that closed in a specific month and compares their characteristics to similar loans that closed three and six months earlier. The closing rate is calculated on a 90-day cycle rather than on a monthly basis because most loan applications typically take one-and-a-half to two months from application to closing. Loans that do not close could still be active applications or applications withdrawn by consumers or denied for incompleteness or non-qualification.
The Origination Insight Report details aggregated anonymized data pulled from
News organizations have the right to reuse this data, provided that
Ellie Mae is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae's technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more. PRESS CONTACT
(925) 227-5913
Erica.Bigley@elliemae.com
Allison+Partners
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EllieMae@allisonpr.com
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