Ellie Mae says Loan Closing Rate Highest in Four Years

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Posted To: MND NewsWire

Ellie Mae said this week that the closing rate for purchase mortgages reached 70.7 percent in July up from 69.0 in June. This is the highest rate since the company started tracking this data in August 2011 and is calculated based on a sampling of loan applications initiated 90 days earlier. The closing rate for all loans was 66.2 percent. The highest rate was for VA purchase loans at 72.5 percent and the lowest was for FHA refinances at 42.5 percent. Those loans were the only ones for which the closing rate did not improve over June. The share of purchase loans rose to 63 percent, up 22 percent since February. The refi share for all loan types was below the corresponding average share for all of 2014. The purchase share of conventional loans rose 3 percentage points from June to 54 percent...(read more)

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Source: http://www.mortgagenewsdaily.com/08192015_ellie_mae_loan_metrics.asp

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