The average FICO score on closed loans (all types) flowing through Ellie Mae’s Encompass origination platform decreased for the first time since May to 722, according to the software firm’s monthly Origination Insights Report.
For the previous five months, the average FICO score for all loan types was flat at 724.
Sixty-nine percent of all closed loans had FICO scores over 700. Seventy percent of purchase loans had FICO scores over 700 while 66% of refinances had FICO scores over 700, according to the report.
Other than that, November was relatively flat compared with October, in terms of the key metrics covered. Refinances continued to represent about 39% of all closed loans – same as October but down significantly from 47% in November 2016.
The average number of days to close a mortgage, for all types, also remained flat at 43 days. That’s basically where it has been since March. Refinances were flat at 40 days but purchase loans saw a slight increase to 45 days.
The average closing rate for all loans was 70.9%. In October it was 70.4%.