Ellie Mae: Purchase Loan Share at Post-Recession Highs

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Posted To: MND NewsWire

Loans for home purchasing continue to dominate mortgage originations and Ellie Mae says they may now represent the largest share of loans since the recession. The company’s May Origination Insight Report put the purchasing share at 70 percent, the largest percentage at least since they started tracking the figure in 2011. Purchase loans made up had 66 percent of closed conventional loans, 75 percent of VA loans, and 80 percent of those backed by FHA. The 30-year interest rate for loans closed during the month was also the highest in Ellie Mae’s history , up 5 basis points from April to 4.84 percent. The distribution of loans across loan types was unchanged for conventional and FHA loans at 66 percent and 28 percent respectively while VA loans upped its share from 9 to 10 percent. The percentage…(read more)

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