- Business Rules
New Data Digs Deeper Into VA, FHA and Conventional Mortgages
There’s much to cover in our latest Origination Insight Report, which was released today for May 2014 and includes new and expanded overviews of VA, FHA and conventional loans.
So like kids around the pool in summer, let’s jump in:
Well for starters, purchase share — again. Purchases represented 66 percent of all closed loans in May, a 3-percent increase from April.
Average days to close all loans increased as well, returning to 40 days. In April, average days to close dipped below 40 days for the first time since we began tracking data in August.
The average 30-year rate on all loans fell to 4.530 percent, the lowest since November 2013 (4.526).
Digging deeper, new data in the Report shows the average 30-year rate for FHA and conventional loans falling to 4.383 and 4.669, respectively. The average rate on a VA loan came in at 4.240.
Speaking of new data...
Starting this month, we’ve expanded the Origination Insight Report to include specific analysis of VA loans, which are mortgages made by private lenders backed by the Department of Veterans Affairs.
VA loans represented nine percent of mortgages that ran through our Encompass mortgage management solution and Ellie Mae Network in May. Here’s how the average VA loan looked last month:
In addition to that VA loan breakdown, the Report also includes data for VA loan interest and closing rates, closing time and loan type, as well as expanded data for FHA and conventional mortgages.
I hope you find the new data useful. Download your copy here and start on page 3.
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The Ellie Mae Origination Insight Report draws data and insights from a robust sampling of the significant volume of loan applications that flow through Ellie Mae’s Encompass® mortgage management software and Ellie Mae Network™. Subscribe for free.