More Refis and They’re Taking Longer to Close -EllieMae

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Posted To: MND NewsWire

Refinancing continued to hold its ground during September, rising from 43 percent of all loan originations in August to 45 percent. Ellie Mae’s Origination Insight Report for the month noted that the refinancing share rose one or two points for all loan types and made up 56 percent of conventional originations. The share of total originations for each loan type held steady for the month with conventional loans having a 68 percent share, FHA getting 20 percent and VA loans 9 percent. The average time to close all loans increased to 48 days in September, up from 46 days in August and the longest timeline since January. The time to close a purchase increased to 47 days while the time to close a refinance increased to 50 days, the most since August 2015. Most of the change was attributable to conventional…(read more)

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