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FICO Score Dip to Four-Year Low -Ellie Mae
Wednesday, October 21, 2015
It was only a small change, but a 1 percent decline in the
average FICO scores for loans originated in September took that metric to its
lowest level in at least four years.
Ellie Mae's Origination Insight
Report for the month said the 723 score was the lowest since the company
began tracking it in August 2011. The
company also noted that the credit availability on
refinances appears to have increased in Q3 of 2015 as the overall average FICO
and debt-to-income (DTI) ratio have loosened materially from Q2 of 2015.
The share or
originations that were for refinancing jumped from 37 percent in August to 42
percent, likely the company said driven by the recent lower interest rates.
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