Ellie Mae: Average Time To Close Flat At 44 Days

Refinances fell to 40% of all closed loans flowing through Ellie Mae’s origination software during April – down from 45% in March – while purchases were about 59% of all originations, which is up from 55% the previous month.

Meanwhile, the average time to close for all loans was flat at 44 days – the same as in March – thus indicating that the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule is no longer having the same impact on closing timelines that it was initially.

The closing rate for all loans in April was about 68.9%, down from 70.6% in March.

The average FICO score for all closed loans was 723, up from 722 in March. The average loan-to-value ratio was 80%, and the average debt-to-income ratio was 25/38.

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