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Home Buying Season in Full Swing -Ellie Mae

by devteam June 18th, 2015 | Share

Ellie Mae said on Thursday that its latest Origination Insight Report “Reflects arnhome buying season in full swing.”  ThernMay data shows purchase volume taking a 58 percent share of all mortgagernoriginations, up from 52 percent in April. rn</p

Thernreport noted that the average 30-year</brate on all closed loans fell slightly for the first time since February, fromrn4.062% to 4.013%.  Jonathan Corr,rnpresident and CEO of Ellie Mae said that the May share of purchase mortgagesrndid fall below the 66 percent share in May 2014 because the lower mortgagernrates last month gave some help to refinancing volumes and share. </p

ThernFHA share of loan originations in May was unchanged from April at 24 percent whilernConventional originations dipped by 1 percentage point and VA originationsrnincreased by that same amount to 63 percent and 10 percent respectively.</p

Thernoverall closing rate for purchase loans was 68.2 percent, the highest since Januaryrnand almost 5 percent above the 2014 average. rnRefinancing loans had a closing rate of 60.1 down from 64.0 percent inrnApril but that rate was still more than 10 percentage points higher than thernaverage for all of 2014.  The overallrnclosing rate for loans originated in May was 64.0 percent.</p

The average closing period for allrnloans rose from 45 to 46 days.  Refinancernloans took an average of 49 days to close, six days longer than purchase loans.</p

FICO scores for a loan closed in May averagedrn730, up from 726 for all of 2014.  The loan-to-valuern(LTV) ratio was 81percent compared to 82 percent for 2014, and the debt-to-incomern(DTI) ratio averaged 24/37, a number that has remained virtually unchanged forrnover a year.</p

Ellie Mae’s report mines data from mortgagernapplications that are initiated by lenders through its mortgage managementrnsoftware. In 2014, approximately 3.7 million loan applications, or 66 percentrnof all applications were included in Ellie Mae’s database.

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About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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