Ellie Mae Points to Microscopic Sign of Credit Easing

Posted To: MND NewsWire

It was only one point but the average FICO score on closed loans did decrease slightly in August to 724, the lowest average score since February 2014. That score was, in fact, lower by two points than the average for all of last year and was down from an average of 731 at the beginning of this year. Ellie Mae's Origination Insight Report also showed that refinancing took only a 37 percent market share in August compared to 59 percent six months earlier. Refinancing had a 48 percent share of conventional loans, three points more than in July, but a mere 18 percent of those originated for FHA. VA loans fell between the two at 26 percent. "As we usher in fall, credit scores dropped to their lowest level since February 2014 and we saw a small rise in refinances as a percentage of closed loans,...(read more)

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