The numbers show that there were lower credit scores on loans that closed in April 2012 which means that underwriting is loosening up.  Ellie Mae data showed that the average FICO score on closed loans in April was 745, down from 749 in March and 750 in February.  The highest credit scores were found in October 2011 and February 2012.  The loan-to-value ratio on closed loans reached a nine-month high of 80 in April, compared to 77 in March and 76 in February and January. Of those loans that closed last month, 56% were refinancings, down from 61% in March. Purchase applications, on the other hand, represented 44% of mortgage origination activity, up from 39% in March.