\nAccording to the report, purchases rose to 51 percent of closed mortgage loans in June, up from 47 percent in the month prior. Conversely, refinances represented 48 percent of closed loans, down from 52 percent the month prior. The remaining one percent of closed loans were for other purposes.\n<\/p>\n
\n\u201cWhile we are still seeing a strong refinance market, including the continued growth of cash-out refinances, the traditional summer purchase market is clearly evident in the data,\u201d said Joe Tyrrell, President of ICE Mortgage Technology. \u201cThese numbers are a testament to the strong and resilient demand for homeownership and the demand for ICE Mortgage Technology\u2019s digital solutions.\u201d\n<\/p>\n
\nThe OIR also notes that, in June, the average time to close all loans decreased to 49 days, down from 53 days in May. The average time to close a refinance decreased to 48 days, down from 55 days the month prior. However, the average time to close a purchase was 51 days, up from 50 the month prior.\n<\/p>\n
\nClosing rates for all loans decreased slightly, to 75.3 percent in June, down from 76.9 percent in May. Closing rates on refinances decreased to 74.6 percent in June, down from 77.0 percent in May. Closing rates on purchase loans dropped to 76.3 percent in June, a slight decrease from 77.0 percent in May.\n<\/p>\n
\nThe ICE Mortgage Technology Origination Insight Report<\/i> leverages data from a robust sampling of approximately 80 percent of all mortgage applications that were initiated on the Encompass<\/a>\u00ae<\/sup> Lending Platform. ICE Mortgage Technology views its Origination Insight Report<\/i> as a representative proxy for the underwriting standards employed by lenders across the country.\n<\/p>\n MONTHLY ORIGINATION OVERVIEW FOR JUNE 2021<\/b><\/p>\n
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