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Averages in 2014: LTV, FICO, Loan Types, and More

Thursday, January 29, 2015

Fifty-six percent of loans closed in December were for home purchase, somewhat lower than the average for 2014 as a whole according to the Origination Insights Report from Ellie Mae.  Lower interest rates pushed refinancing numbers higher toward the end of the year, increasing originations for that purpose from the years low of 32 percent in July to 45 percent in November but the refinancing shared dipped to 43 percent in December, allowing the reciprocal share of purchase mortgages to increase for the first time in four months.

For the entire year purchase loans had a 61 percent share of all originations and refinance loans were 38 percent of the total.  In 2013 refinancing constituted 53 percent of all loans and purchases 47 percent.  There was a big difference, however, in the statistics for FHA loans and conventional loans.  Conventional loans were fairly evenly split as to purpose; 47 percent for refinancing, 52 percent for purchase.  Eighty one percent of FHA backed originations in 2014 were purchase loans.


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"Smith/Brandt Home Mortgage Consultants are a great resource for anyone ready to buy a new home! They were there to answer any and all questions before and after closing. They made the home loan process smooth, painless, and easy to understand which was greatly appreciated being a first time home buyer! Thanks again to the both of you for all of your help and guidance!"