Twenty-two percent of loans originated inrnApril were FHA backed, the same as in March and in April 2013.  Conventional loans made up 64 percent of therntotal, down from 65 percent in March and 68 percent one year earlier. </p

The average time to close a mortgage loan inrnApril was 39 days, 37 days for a refinance and 40 days for a purchase.  Corr said this was the first time the all loanrnnumber had fallen below 40 days since Ellie Mae began reporting and that thernaverage days to close a purchase loan has fallen seven days since January 2014.rn  </p

Thernaverage FICO score for a closed loan was 726 and loan-to-value (LTV) ratio wasrn82 percent.  This shows a bit of easingrnin underwriting compared to April 2013 when the average credit score was 742rnand LTV was 81 percent.  Debt-to-Income alsornwas slightly higher than a year earlier, 24/37 compared to 23/35.</p

Tornget a meaningful view of lender “pull-through,” Ellie Mae reviewed a samplingrnof loan applications initiated 90 days prior (i.e., the January 2014rnapplications) to calculate an overall closing rate of 55% in April 2014, downrnfrom 58% in March 2014. </p

ElliernMae’s report comes from a sample of application data that runs through itsrnmortgage management system which handled approximately 3.5 million applicationsrnin 2013. 

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