Mortgage lenders continue to gradually ease underwriting standards and reduce the time needed to close a loan, but debt-to-income requirements have hardly budged, according to the latest Ellie Mae Origination Insight Report.

At 42 days, the average time to close a purchase loan was down from 47 days a year ago. Purchase loans also made up 57 percent of closed mortgages, up from 53 percent in January and 32 percent a year ago.

One in 3 closed mortgage loans in February had an average FICO score of less than 700, compared with 24 percent of loans at the same time a year ago. The average FICO score on all closed loans was 724, down from 745 a year ago.

Buyers purchasing a home with an FHA-insured loan had an average FICO score of 686, down from 699 a year ago. Average FICO scores on conventional purchase loans were considerably higher — 755, down from 761 in February, 2013.

At 28 percent, the average front-end debt-to-income (DTI) ratio on FHA purchase loans was unchanged from a year ago. At 23 percent, the average front-end DTI on conventional purchase loans was even more conservative, up only slightly from the 2013 average of 22 percent. Source: elliemae.com.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×