Posted To: MND NewsWire
Purchase mortgages comprised 60 percent of all originations in April, the first time the purchase share has risen to this level since April 2015 . Ellie Mae said the percentage of all closed loans that were for refinancing rose from 59 percent in March to 62 percent while the refinance share fell to 37 from 40 percent. The company's Origination Insight Report , released on Wednesday, also noted that the average time to close all loans ticked up to 45 days from 44 days in March. Closing rates for all loans increased to 70.6 percent in May from 68.9 percent in April. These rates, calculated from a sampling of loan applications initiated 90 days prior, the February 2016 applications, rose for all loan types but the increase was most notable for FHA loans. That overall rate improved from 66.7 percent...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/1XrtZ39
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