Ellie Mae: Heavy Refi Volume Pushed Out November Closing Times

Posted To: MND NewsWire

Refinancing originations remained unchanged at 47 percent of all closed loans in November, not yet reflecting the sharp increase in interest rates that occurred after the November 8 election. The share of originations by loan type remained precisely where they were in October with conventional loans garnering a 68 percent share, FHA loans 20 percent, and VA originations 9 percent. However, Ellie Mae’s Origination Insight Report for the month pointed to slight changes in refinancing shares with those for FHA and conventional loans each increasing one percentage point to 22 percent and 58 percent respectively and VA refinancings down one point to 30 percent. The average time to close a loan increased by one day overall and for both refinancing and purchase loans. The average for all loans was…(read more)

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Ellie Mae: Heavy Refi Volume Pushed Out November Closing Times
Ellie Mae: Heavy Refi Volume Pushed Out November Closing Times

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