twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

Lenders Being More Selective on Refis

FHA credit scores rise on refis as conventional DTIs fall

April 4, 2012

By staff

Credit scores on government refinances are climbing, according to a new monthly reading on loan originations. Meanwhile, conventional lenders are becoming more conservative about debt-to-income ratios on refinances.

It took 44 days to close a mortgage during February, though refinances came in a little slower at 48 days.

Refinance share of closed loans was 67 percent in February. The share has grown from 64 percent in November 2011 and 61 percent in August 2011.

The findings were culled from Ellie Mae's first-ever Origination Insight Report for February. The metrics were derived from a third of applications initiated through the Encompass loan origination platform.

Ellie, a Mortgage Daily advertiser, says its Encompass360 platform handled around 2 million loan applications last year, "or 20 percent of all U.S. mortgage originations."

The share of production that was insured by the Federal Housing Administration was a quarter, the same as November.

The average FICO score on closed loans has been climbing, with scores rising to 750 during the latest month from 741 in August. This trend was most apparent on FHA refinances, which climbed to 722 during the latest month from 714 in November and 706 in August.

Meanwhile, the average loan-to-value ratio on all closed loans fell to 76 percent from 79 percent in August.

Debt-to-income ratios on funded loans have also been on the decline, coming in at 23 percent on the front end and 34 percent on the back end versus 25 percent and 36 percent six months earlier.

On mortgage applications that were denied, FICOs were 699 in February versus 696 in August, while LTV ratios inched up to 83 percent from 82 percent six months earlier.

Lenders have been tighter on debt-to-income ratios, with denied applicants having front- and back-end ratios of 28 percent and 44 percent compared to 29 percent and 45 percent in August.

The tightening of debt-to-income ratios was even more evident on conventional refinance applications that were denied, with the ratios falling to 27 percent and 43 percent in the most-recent report from 28 percent and 44 percent three months earlier and 30 percent and 45 percent six months prior.

next story

back to current headlines

FHA News | Government Resources | M o r t g a g e e Letters | FHA Statistics
FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.

Credit News | Bankruptcy Statistics | Credit Score Statistics
Credit scores, bureaus & technology. Bankruptcty activity. Credit-related lawsuits, announcements and coverage of F a i r Isaac, E q u i f a x, E x p e r i a n, F I C O, V a n t a g e Score & T r a n s Union.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders