By Jann Swanson
Posted To: MND NewsWire
Purchase loans continued to increase as a percentage of loan originations in April. Ellie Mae’s Origination Insight Report for the month put the purchase share of all closed loans at 52 percent , a 6 percentage point jump from March and the first time in 2015 that more than half of loans were originated for that purpose. Seventy-two percent of FHA loans were for purchasing, also a 6 point month-over-month increase but significantly lower than the 80+ percent share of its loans that went for purchasing every month from May 2014 through January 2015. Fifty-eight percent of conventional loans were originated for purchasing and 68 percent of VA loans. Of all loans originated in April 64 percent were conventional , 24 percent FHA, 9 percent VA and 3 percent were classified as “other.” Ellie Mae…(read more)
Via:: Purchase Loans Now Outpacing Refis
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