Ellie Mae reports 50 days for loan closings and average FICO scores. In the December Origination Insight Report, Ellie Mae provides data from a sampling of loans that flow through their Encompass mortgage management software in the Ellie Mae Network. Closing time for all loans increased slightly to 50 days. Refinances were 52 days and time to close a purchase increased to 48 days, both up one day from the previous month.
An interesting fact was that 71% of all closed loans had a FICO scores over 700 while 72% of all closed refis had FICO scores over 700. The average FICO score on all closed loans decreased to 726 in December. The average FHA purchase FICO score held steady at 686 and refis increased slightly to 655. Conventional refi FICO scores decreased to 739 in December, the fourth monthly decrease. Only one in four loans closed within 90 days (or at all)! Closing rates on refis were 69.6% and closing rates on purchases were 77% in December.