Posted To: MND NewsWire
Refinancing continued to account for the largest share of mortgage originations in September, 53 percent of the total compared to 52 percent in October. ICE Mortgage Technology’s Origination Insights Report said this was the largest share for refinancing since last April. Conventional loans continue to be the overwhelming choice of borrowers, accounting for 80 percent of originations during the month, unchanged from August. The shares of FHA and VA loans, 12 percent and 5 percent, respectively, are also the same as in August. The time to close a purchase loan increased from 49 days to 50 days which accounted for an increase of one day in all closing times, to 47 days. The time to close also increased for each loan type by one day compared to August, to 52 days for FHA loans, 46 days for conventional…(read more)
