It took an average of 49 days to close a residential mortgage loan in December, a week longer than it took one year prior, according to Ellie Mae. This was unchanged from November.

The average time to close a refinance was 47 days and the average time to close a purchase loan was 50 days, according to Ellie Mae's Origination Insight Report. In December 2014 it took 42 days to close both kinds of loans. During November it took 49 days to close each type.

November was the first month that a large percentage of closings were affected by the TILA/RESPA Integrated Disclosure regulation that was implemented on Oct. 3.

Purchases comprised 56% of all closed loans in December and refinancings were 43%.

Additionally, the average FICO credit score on closed loans rose to 722 from 720 in the previous month.

Closing rates on all loans fell to 67% in December from 68% in the previous month.

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