Refis Dominate October Originations – NMP
Industry News

Refis Dominate October Originations

Nov 20, 2019
Photo credit: Getty Images/pinkomelet

Refinance activity accounted for 51 percent of closed loans in October, the highest percentage of refinances since March 2015, according to new data from Ellie Mae. Purchase activity accounted for 49 percent of total closed loans, down two percentage points from the previous month. Refinances represented 33 percent of all loans closed by Millennials in September.
 
"Interest rates continued to decline in October which had homeowners reaching out to lenders as they look to save on their monthly mortgage payments," said Jonathan Corr, president and CEO of Ellie Mae. "We are seeing refinances surpass 50 percent of closed loans, which is proof that homeowners are taking advantage of the opportunity to lock in lower rates."
 
Ellie Mae also reported that the time to close all loans in October was 44 days, up from 43 days in September. The time to close refinances increased to 42 days from 39 days in the month prior while the time to close purchases jumped one day to 47 days.
 
About the author
Phil Hall
Link copied
Published
Nov 20, 2019
Get the NMP Daily
Analysis and Data
Redfin: Homebuyers Gain Leverage, But Pending Sales Keep Sliding

Pending sales fall 16.4% from a year ago despite lower home prices and mortgage payments, as sellers retreat from a weakening market

Home prices are falling. Mortgage payments are easing. Sellers are becoming more willing to negotiate. Yet the housing market keeps losing buyers.Pending home sales fell 16.4% year over year during the four weeks ending Nov. 1, reaching their lowest level in Redfin's weekly ...

Continue reading
Tech
New AI-Run Mortgage Startup Builds Database Of 224,000 LOs

LenDb.ai is making LO records available to AI assistants, offering a potential new way for borrowers to find originators

A new mortgage technology startup is betting that borrowers will increasingly turn to artificial intelligence to find a loan originator, and it wants to make sure AI knows whom to recommend.LenDb.ai, launched Thursday by venture studio Draper Goren Blockchain, has assembled ...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Industry News
Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Industry News
Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Industry News
Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Industry News
Oct 09, 2026
Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Industry News
Oct 09, 2026
Newrez, eXp Realty Form Joint Venture To Target Purchase Business

Revenos Mortgage is set to launch in early 2027, replacing eXp's joint venture with Kind Lending

Industry News
Oct 08, 2026