Credit scores on closed loans have declined for six consecutive months, according to the latest Ellie Mae Origination Insight report.

The average FICO score for closed loans fell to 721 in November. The driver, according to Ellie Mae, is that the average Federal Housing Administration refinance FICO score fell to 648.

Meanwhile, the TILA-RESPA integrated disclosures are likely responsible for a three-day increase in the time to close a loan.

The 49-day average is the longest since February 2013. "We are beginning to see the anticipated impacts of the Know Before You Owe changes," Jonathan Corr, Ellie Mae's chief executive, said in a news release.

Closing rates for all loan types hit 68%, the highest since Ellie Mae began tracking data in August of 2011. The closing rate on purchase loans increased to 72%.

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