The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Steve Murray on the importance of protecting property rights

In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses some of the issues facing private property rights, including how a case in Germany could potentially affect U.S. legislation.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Mortgage

Ellie Mae: Closing time on a mortgage keeps getting faster

Drops for third consecutive month

Purchase originations continued to gain ground in April as refinances fell, according to the latest Origination Insight Report from Ellie Mae.

The time to close fell once again, marking the third consecutive month of declines. Time to close all loans fell to 42 days in April, down from 43 days in March and a substantial drop from the beginning of 2017’s 51 days in January.

The chart above shows, despite a drop in February, time to close a mortgage trended upward in 2017. Now, however, that trend is reversing as the number of days continues to drop.

The time it takes to close a refinance dropped to 41 days in April, down from 43 days in March. The time to close a purchase also decreased from 43 days the previous month to 42 days in April.

And while the time it takes to close a refinance came in lower than purchase loans, it is purchase originations that continue to rule the market. In April, refis represented 35% of the market, while purchases made up the other 65%.

“The purchase market continued its rise in April, representing 65% of total closed loans,” said Jonathan Corr, Ellie Mae president and CEO. “We also saw the time to close loans shrink for the third consecutive month to 42 days, a substantial decrease from the 2017 high of 51 days in January.”

“Ellie Mae customers are realizing efficiencies as they embrace technology to improve the home-buying experience,” Corr said.

The 30-year note increased to 4.41% in April, up from 4.39% in March, while the percentage of adjustable rate mortgages increased to the highest point since November 2014 at 5.9%, up from 5.6% in March.

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