DSNews The homepage of the servicing industry
A new report from Ellie Mae shows credit standards ended 2013 at their lowest level all year. The company found that by December, criteria for first-lien mortgages had relaxed considerably, with the average FICO score at 727, loan-to-value ratios averaging 82 percent, and debt-to-income ratios at a yearly high of 39 percent. The company also found that loans originated in December took an average of 43 days to close, down from 55 days a year earlier.
Read More »