For the second consecutive month, the average time to close all loans was 44 days.
WASHINGTON – May 25, 2016 – For the second consecutive month, the average time to close all loans was 44 days, suggesting that new mortgage rules that took effect last fall have less of an impact delaying loans, according to Ellie Mae's latest Origination Insight Report.
- 68 percent of purchases (69 percent of refinances) had FICO scores of 700 or above
- 31 percent of purchases had a FICO score between 600-699
- 26 percent of refinances had FICO scores between 600-699
- Conventional loan FICO distribution found 81 percent of scores above 700
- FHA FICO distribution found 39 percent of FICO scores over 700 and 56 percent of FHA loans with FICO scores between 600 and 699
"Days to close a loan remained steady at 44 days in April," says Jonathan Corr, president and CEO of Ellie Mae. "Additionally, while our FICO distribution charts show that approximately 68 percent of average FICO scores for both refinances and purchases in April were above 700, we're seeing purchase credit availability with 31 percent of FICO scores in the 600-699 range."
The closing rates for all loans dropped to 69 percent in April, retreating from the high of 71 percent in March, according to Ellie Mae. Purchase closing rates dropped to 73 percent in April, down from 75 percent in March.
The average 30-year interest rate for all loans dropped from 4.12 in March to 4.10 in April. Debt-to-Income remained steady at 25/38 and Loan-to-Value stayed at 80.
© 2016 Florida Realtors®. All rights reserved. Reprinted with permission.