Purchase Share Jumps; Average FICO Down 11 Points -Ellie Mae


Posted To: MND NewsWire

Home purchase loans jumped to a 57 percent share of all mortgage originations in February, up from 53 percent in January. Data from the latest Ellie Mae Origination Insight Report indicate while this share is up by 5 percentage points from the previous February, it remains well below the recent high for purchase mortgages of 65 percent in June 2016. Ellie Mae says closing times were way down in February, dropping from 51 days in January to 46 days for all loans. Refinances took an average of 47 days compared to 53 and purchase loans fell to 45 from 48 days. Conventional loans had a 63 percent share of the market, compared to 66 percent in January. FHA increased its share by 2 percentage points and VA by 1 point to 23 percent and 10 percent respectively. FICO scores for closed loans eased slightly…(read more)

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