Ellie Mae: Average Number of Days to Close a Mortgage Increased in December

The refinance share of mortgage activity increased to 40% of all loans in December, according to Ellie Mae’s monthly Mortgage Origination Insights Report.

That’s up from 39% in November but down from 46% in December 2016.

The average number of days to close a mortgage loan stood at 44, up from 43 days in November but down from 50 days in December 2016. Refinances increased to an average of 41 days, while purchase loans increased to 46 days.

The closing rate for loans flowing through Ellie Mae’s mortgage origination platform climbed to 71.2%, up from 70.9% in November but down from 73.2% in December 2016.

The closing rate on refinances increased to 65.6% in December, up from 65.1% the month prior. The closing rate on purchases increased to 76.1% in December, up from 75.5% the month prior.

The average FICO score for all closed loans was 722, flat with November but down from an average of 726 a year earlier.

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