The closing rate for mortgage originations climbed to a three-year high in August, according to data released by Ellie Mae.
The mortgage technology company calculated an overall closing rate of 61.1% in August, nearly four percentage points higher than the previous month.
"This was further indication that lenders are working every deal and making sure leads don't slip away," said Jonathan Corr, Ellie Mae's president and chief operating officer, in a Sept. 18 press release.
Additionally, Ellie Mae's monthly origination survey showed that the average FICO score of closed, first-lien loans was 727, while the loan-to-value ratio was 82.
