PLEASANTON, Calif. – November’s overall mortgage closing rate was 52.3%, down slightly from October, while HARP 2.0 is showing renewed traction, according to Ellie Mae’s Origination Insight Report for November.

The report draws its data from a sampling of applications that flow through Ellie Mae’s Encompass 360 mortgage management software, representing more than 20% of all originations in the U.S.

“The 30-year note rate on closed loans continued to decline, falling to 3.6% in November 2012 from 3.671% in October 2012,” said Ellie Mae COO Jonathan Corr. “The overall time to close decreased to 50 days last month mainly due to speedier closing of refinances, coming in at 51 days in November 2012, six days shorter than in October 2012. There were signs that HARP may still have some legs: conventional refinances at 95%-plus LTV rose for the third month in a row, hitting 9.62% in November 2012.”

Among the other findings:
* Refis were at 68%, down just 1% from October.
* Purchase loans were at 32%, down 1% from October.
* Refis took 51 days to close, down from 54 in October.
* Purchase loans took 48 days to close, up from 47 in October.
* The average FICO score for closed first-lien loans was 750.
* The average FICO score for denied loans was 707.


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