Home >> Daily Dose >> It’s Closing Time
Print This Post Print This Post

It’s Closing Time

LoanThe closing time for all loan types ticked up a tad in June to 43 days, up from 42 days the month before, according to Ellie Mae’s June 2017 Origination Insight Report. The time to close a refinance stayed steady at 41 days, while the time to close a purchase loan advanced to 43 days, up from 42 days in May. The average 30-year rate for all loans deflated to 4.27 in June from 4.33 in May.

Regarding closing rates for all loan types, those edged down a hair to 70.3 percent in June from 70.4 in May. Closing rates on refinances cooled slightly to 63.5 percent from May’s 63.8 percent, and closing rates on purchases dropped to 75.1 percent in June from 75.3 percent the prior month.

In terms of average FICO score distribution, 69 percent of all closed loans recorded FICO scores over 700: 724 in June, up from 723 in May. Seventy-two percent of purchase loans inked FICO scores over 700. Additionally, 64 percent of refis had FICO scores exceeding 700.

Wrapping things up, the report then took a look at FICO scores. The average FHA-purchase FICO score held steady at 683 in June, mirroring May’s number. FHA refinance FICO scores tumbled to 647 in June, down from 650 in May. Conventional refinance FICO scores hopped to 729 in June, a tiny lift from 728 in May. Conventional purchase FICO scores grew to 754, up a point from 753 the previous month.

Ellie Mae’s Origination Insight Report provides monthly data and insights from a sampling of closed loan applications that flow through Ellie Mae’s Encompass all-in-one mortgage management software and its Ellie Mae Network. The report focuses on loans that closed in a specific month and compares their characteristics to similar loans that closed three and six months earlier.

About Author: Alison Rich

Alison Rich has a long-time tenure in the writing and editing realm, touting an impressive body of work that has been featured in local and national consumer and trade publications spanning industries and audiences. She has worked for DS News and MReport magazines—both in print and online—since they launched.

Check Also

The Laurie A. Maggiano Legacy Award Finalists—Women Making A Difference

Today we bring you the finalists for the last category the Laurie A. Maggiano Legacy Award. Named in honor of the late industry icon whose distinguished and accomplished career left an indelible impacting on housing, this award recognizes those women who through their tireless efforts, collaboration, and ingenuity have powerfully influenced the industry and homeownership nationwide.


With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.