January ICE Mortgage Technology Origination Insight Report Shows Continued Refinance Market Growth as Interest Rates Further Decline

▤ Summary

PLEASANTON, Calif.--(BUSINESS WIRE)--Interest rates on all closed loans continued to decline in January to 2.88 percent, down from 2.93 percent in December, according to the latest Origination Insight Report from ICE Mortgage Technology™, a division of Intercontinental Exchange, Inc. (NYSE: ICE) and the leading cloud-based loan origination platform provider for the mortgage industry. “We’re continuing to keep an eye on average FICO scores as many lenders tighten credit during this time of rising loan volume. We continue to see growth on our Encompass Lending Platform, indicating that our lenders are utilizing digital mortgage technology to serve their customers and close these record number of loans as quickly as possible.” The Origination Insight Report leverages data from a robust sampling of approximately 80 percent of all mortgage applications that were initiated on the Encompass® Lending Platform. ICE Mortgage Technology believes the Origination Insight Report is a strong proxy of the underwriting standards employed by lenders across the country. To get a meaningful view of lender pull-through, the company reviewed a sampling of loan applications initiated 90 days prior—or the October 2020 applications—to calculate an overall closing rate of 76.2 percent in January 2021 (see full report).

▦ Linked Companies

Del Mar DataTrac

$500M to $1B