Purchases made up about 53% of loans originated on Ellie Mae’s Encompass lending platform in November, while refinances made up about 47%, according to the firm’s Origination Insight Report.
The share of purchase loans and refinances was about the same in October.
The total number of days to close for all loans crept up slightly from 48 in September and October to 49 in November. The average time to close for refinances increased to 51 days, while for purchases, it increased to 47 days – both up by one day.
The average number of days to close reached 50 in January. This was thought to be largely due to the impact from the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule. At 49 days, November saw a higher-than-usual average number of days to close; however, it is unclear why.
The closing rate for all loans decreased slightly from 73.0% in October to 72.2% in November.
The average closing rate for refinances increased to 68.7%, while the closing rate on purchases decreased to 76.1%, down from 77.2% the month prior.
The average FICO score on all closed loans decreased to 728 in November – down from 730 in October.
About 72% of all closed loans had FICO scores greater than 700, while more than 74% of all closed refinances had FICO scores greater than 700.
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