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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ellie Mae, Inc. | NYSE:ELLI | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 98.99 | 0.00 | 01:00:00 |
Reversing a two-month dip, the percentage of refinance home loans increased three points to 35 percent of all closed loans, according to the July Origination Insight Report from Ellie Mae® (NYSE:ELLI), the leading cloud-based platform provider for the mortgage finance industry.
“The market has been shifting from refis to purchases but we saw a pick-up in refinancing with lower rates,” said Jonathan Corr, president and CEO of Ellie Mae. “Overall, closing rates rose in July and Purchase loan closing rates increased to 76.2 percent.”
Other statistics of note in July include:
The Origination Insight Report mines data from a robust sampling of approximately 80 percent of all mortgage applications that were initiated on the Encompass® all-in-one mortgage management solution. Ellie Mae believes the Origination Insight Report is a strong proxy of the underwriting standards employed by lenders across the country.
In addition to the Origination Insight Report, Ellie Mae also distributes data from its monthly Ellie Mae Millennial Tracker on the first Wednesday of each month. The Ellie Mae Millennial Tracker focuses on mortgage applications submitted by borrowers born between the years 1980 and 1999.
MONTHLY ORIGINATION OVERVIEW FOR JULY 2017
Jul. 2017* Jun 2017* 6 Months Ago(Jan. 2017*)
1 Year Ago(Jul. 2016*)
Closed Loans Purpose Refinance 35% 32% 47% 37% Purchase 65% 68% 53% 62% Type FHA 22% 22% 21% 23% Conventional 64% 64% 66% 65% VA 10% 10% 9% 9% Days to Close All 43 43 51 46 Refinance 42 41 53 48 Purchase 43 43 48 46 Percentage of ARM and Fixed Loan Volume ARM % 5.7% 5.9% 5.4% 4.5% 30-Year Rate Average 4.25% 4.27% 4.31% 3.87%*All references to months should be read as month ended.
PROFILES OF CLOSED LOANS FOR JULY 2017
Closed First-Lien Loans (All Types) FICO Score (FICO) 724 Loan-to-Value (LTV) 80 Debt-to-Income (DTI) 25/38More information and analysis of closed and denied loans by loan purpose and investor are available in the full report at http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/.
To get a meaningful view of lender pull-through, Ellie Mae reviewed a sampling of loan applications initiated 90 days prior—or the April 2017 applications—to calculate an overall closing rate of 70.6 percent in July 2017 (see full report).
About the Ellie Mae Origination Insight Report
The Origination Insight Report focuses on loans that closed in a specific month and compares their characteristics to similar loans that closed three and six months earlier. The closing rate is calculated on a 90-day cycle rather than on a monthly basis because most loan applications typically take one-and-a-half to two months from application to closing. Loans that do not close could still be active applications or applications withdrawn by consumers or denied for incompleteness or non-qualification.
The Origination Insight Report details aggregated anonymized data pulled from Ellie Mae’s Encompass origination platform.
News organizations have the right to reuse this data, provided that Ellie Mae, Inc. is credited as the source.
About Ellie Mae
Ellie Mae (NYSE:ELLI) is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call (877) 355-4362 to learn more.
© 2017 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®, the Ellie Mae logo and other trademarks or service marks of Ellie Mae, Inc. appearing herein are the property of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170816005169/en/
Ellie Mae, Inc.Erica Harvill, 925-227-5913Erica.Harvill@elliemae.comorAllison+PartnersAlexandra Gardell Kreuter, 646-428-0618EllieMae@allisonpr.com
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