Credit Scores Drop

Credit scores on closed loans fell to their lowest level since Ellie Mae began reporting data in August2011, according to its latest Origination Insight Report. The average FICO score on all closed loans fell to 723. The report noted that “Credit availability on refinances appears to have increased in Q3 of 2015 as the overall average FICO and DTI have loosened materially from Q2 of 2015.” Ellie Mae’s data also showed that refinances represented 42 percent of overall loan volume in September, a five percent increase from August. “This was likely driven by the recent dip in interest rates. Additionally, closing rates remained robust with over 66 percent of all loan applications closing for the third consecutive month.” The closing rate on purchase loans increased to 71percent.

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