It took an average of 50 days to close a residential mortgage loan in January, an increase of four days since new regulations took effect, according to Ellie Mae.

The average time to close a refinance was 48 days and the average time to close a purchase loan was 51 days, according to Ellie Mae's Origination Insight Report. Closing rates on all loans rose to 68%.

Purchases comprised 52% of all closed loans in January and refinancings were 47%.

Additionally, the average FICO credit score on closed loans fell to 719 from 722 in the previous month.

As has been the case since its implementation in October, closings are now affected by the TILA/RESPA integrated disclosures regulation.

"We continue to see the time to close lengthen month over month, now reaching 50 days, which is up four days since TRID went into effect," Jonathan Corr, chief executive of Ellie Mae, said in a news release.

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