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*All references to months should be read as month ended.PROFILES OF CLOSED AND DENIED LOANS FOR APRIL 2014
Closed First-Lien Loans(All Types)
Denied Loans(All Types)
FICO Score (FICO)
More information and analysis of closed and denied loans by loan purpose and investor are available in the full reportat http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/.
To get a meaningful view of lender “pull-through,” Ellie Mae reviewed a sampling of loan applications initiated 90 days prior (i.e., the January 2014 applications) to calculate an overall closing rate of 55% in April 2014, down from 58% in March 2014 (see
“Purchase share for all loans increased for the third straight month, jumping another three percentage points to represent 63 percent of all closed loans,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “This is the highest percentage of purchase loans we’ve seen since we began reporting data in August 2011 and two percentage points higher than the previous high of 61 percent in October 2013.