Mortgage Closing Rate is on the Rise
According to the Ellie Mae Origination Insight Report, the number of mortgages in the US is going down and the number of closed loans is getting higher.
The study shows that the , 60.7% of all loans initiated in March closed successfully, up significantly from 57.8% in May and well above 54.3% in June 2013. The improvement is in both purchase applications and refinances.
The highest pull-through rate was market by the conventional loan with 61.6% of loans closed in June.
The average loan-to-value ratio was 82%, which is 1% higher than last year.
Read the full article at thetruthaboutmortgage.com.