Loan Closings Up Nationwide Between May and June, eLynx Reports
August 5, 2010
eLynx reported data compiled from settlement agent activity on its expediteSM network for electronic document collaboration and distribution indicate that Nevada is currently leading the nation in the rate of loan closings, showing an increase of 59% between May and June 2010. The company regularly reports on the nation’s “hot and cold” markets, measured by loan closing activity through expedite for Mortgage Banking magazine, but has recently begun analyzing its data to reveal regional and national loan origination trends.
A close second is Idaho, with a 58.8 percent increase over May in loan closings. Overall, the Western region has seen the most growth in loan closings, with a 30.4 percent positive change between May and June. Closings are up in all regions, with only two states and the District of Columbia suffering a decline. Loan volume is up nationwide, with the Southeast following the Western region at a 20.2 percent change. The Southwest saw a 17.1 percent increase, the Northeast 16.6 percent and the Midwest 14.5 percent.
“The market is clearly still reacting to government stimulus, but it's very interesting to see where the government's actions and other market factors are having the most impact,” said Sharon Matthews, eLynx president and CEO. “We have found that our broad industry footprint allows us to provide mortgage professionals across the industry valuable information not available elsewhere that will help them to further understand the markets in which they are working.”
eLynx is currently developing a loan volume index that will help the industry predict which markets will recover most quickly as the U.S. housing industry pulls out of the downturn and then where growth or decline in volume is likely in the future.
This data was compiled using expedite, a suite of integrated on-demand services that facilitates paperless business processes between enterprises, their customers and partners. More than 100,000 settlement agents nationwide are registered on the eLynx expedite network. More than 45 million mortgage loans have been processed through expedite.