Refis Dominate October Originations

Nov 20, 2019

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

People On The Move

Ginnie Mae President Alanna McCargo Announces Resignation

McCargo was first woman and first woman of color at the helm of Ginnie Mae.

The U.S. Department of Housing and Urban Development (HUD) today announced that Alanna McCargo, president of the Government National Mortgage Association (Ginnie Mae), will resign, effective May 3, 2024. McCargo has served in the Biden-Harris Administration since January ...

People On The Move

Christensen, Andrus Added At CE Class Leader

Maximum Acceleration hires mortgage exec. as education director, adds banking manager

Brandon Christensen, a longtime mortgage broker and trainer, has been named Director of Education and National Instructor for Maximum Acceleration LLC, a leading NMLS-approved course provider for mortgage pre-license and continuing education. "Having Brandon join our amaz...