Posted To: MND NewsWire
Origination closing rates reached their highest levels of the year in July according to Ellie Mae’s Origination Insight Report. The closing or pull-through rate for all loans increased to 71.6 percent compared to 69.6 percent in June with the rate for purchase loan closings rising to 75.7 percent from 73.7 percent the previous month. Refinances closed at a 66.6 percent rate, up nearly 2 percentage points. The report provides data only as far back as March 2015 but for all but two loan types (FHA purchases and Conventional refinances both had a slightly higher rate in May) it was the highest pull-through rate achieved over that period. The share of refinances increased to 37 percent of all originations in July, 3 percentage points higher than in June, while purchases declined to 62 percent from…(read more )