DSNews The homepage of the servicing industry
Ellie Mae released its Origination Insight Report for February, which noted falling mortgage rates, shrinking refinances, and loosening credit restrictions. The report found that the average rate for a 30-year mortgage fell to 4.65 percent, the first time in 3 months that mortgage rates have decreased from the previous month. Refinances on closed loans made up 43 percent of total closed loans, a drop of 4 percent from January's figure of 47 percent. The 2013 average for refinances on closed loans was 53 percent.
The report from Ellie Mae also noted a slight loosening of credit restrictions. 33 percent of closed loans had a FICO score of 700 or less, up from 24 percent last year. For all loans in February, the average credit score for closed loans was 724, while the average denied credit score was 689. However, buyers with lower credit scores had better luck applying for FHA loans. The average credit score for successfully closed FHA loans was 669 in the month of February, while the average credit score for denied FHA loans was 645.
NeighborWorks America announced $63.1 million has been awarded to 29 state housing finance agencies, 18 HUD-approved housing counseling intermediaries, and 67 community-based NeighborWorks organizations. The money, provided through the National Foreclosure Mitigation Counseling program, is earmarked for counseling to families and individuals facing the threat of foreclosure. More than 167,800 families who face foreclosure are expected to be directly assisted by the funds, which will also provide training for 2,000 counselors to assist in foreclosure-related issues.
