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Ellie: Refinance market gains share in December

Refinances gained a little of the market share back in December, according to Ellie Mae.

The share of refinances rose 1 percentage point to 40 percent of all closed loans, the company said. The share of refinances was still down from 46 percent a year earlier.

Ellie attributed the rise to a couple of factors. Normally, purchase-loan counts fall in December with the seasonal drop in home sales. The recent tax overhaul also limited several of the itemized deductions for mortgage debt.  

In December, the closing rates also increased across the board, Ellie reported, with closing rates on all loans increasing by 30 basis points to 71.2 percent.

“We probably can also attribute some of the increase in closing rates to last-minute efforts by borrowers to close loans before the tax changes took effect,” said Jonathan Corr, president and chief executive officer of Ellie Mae.

Ellie also reported that closing times for all loans increased one day in December, compared to November, to 44 days. Closing times have come down from 50 days in December 2016.  


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