Posted To: MND NewsWire
The share of refinances originated during a month dropped below 60 percent in April for the first time since September 2020. ICE Mortgage Technology, in its Origination Insight Report for the month, put the share at 56 percent, down from 63 percent the following month. The corresponding increase in purchase loans, 43 percent, was the highest since last August. The report also notes a further decline in the average time to close all loans to 51 days . It was the fourth consecutive decrease since January when closing time averaged 58 days. The 1 day decline was due to a 2 day shortening of the purchase loan timeline to 49 days, offset by refinancing time which ticked up 1 day to 52. “The decrease in average time to close is not surprising, given the increase we have observed in the adoption of…(read more)
Source: Mortgage News Daily
