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Ellie Mae Releases May 2014 Origination Insight Report
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By Business Wire |
Article Rating: |
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June 18, 2014 04:15 PM EDT |
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302 |
Ellie Mae® (NYSE:ELLI), a leading provider of innovative
on-demand software solutions and services for the residential mortgage
industry, today released its Origination
Insight Report for May 2014. The report draws its data and
insights from a robust sampling of the significant volume of loan
applications that flow through Ellie Mae’s Encompass®
mortgage management software and the Ellie
Mae Network™.
Beginning this month, the Origination Insight Report also
includes analysis of VA loans, mortgages made by private lenders, which
are backed by the Department of Veterans Affairs, and expanded FHA and
conventional loan data. To get the full report, please visit http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/.
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MONTHLY ORIGINATION OVERVIEW FOR MAY 2014
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May 2014*
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April 2014*
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6 Months Ago (November 2013)*
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1 Year Ago (May 2013)*
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Closed Loans
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Purpose
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Refinance
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33%
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37%
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45%
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58%
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Purchase
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66%
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63%
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55%
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42%
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Type
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FHA
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22%
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22%
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20%
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19%
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Conventional
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64%
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64%
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69%
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72%
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VA
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9%
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-
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-
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-
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Days to Close
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All
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40
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39
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42
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44
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Refinance
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39
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37
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37
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44
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Purchase
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40
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40
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45
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45
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ARMs vs. Fixed, Length, Rate
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ARM %
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7.6%
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7.6%
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5.8%
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3.1%
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15 Year %
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9.7%
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12.2%
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14.5%
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16.4%
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30-Year
Note Rate
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4.530%
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4.622%
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4.526%
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3.747%
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*All references to months should be read as month ended.
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PROFILES OF CLOSED AND DENIED LOANS FOR MAY 2014
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Closed First-Lien Loans (All Types)
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Denied Loans (All Types)
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FICO Score (FICO)
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727
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689
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Loan-to-Value (LTV)
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82
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82
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Debt-to-Income (DTI)
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24/37
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28/45
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More 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 (i.e., the
February 2014 applications) to calculate an overall closing rate of
57.8% in May 2014, up from 55% in April 2014 (see full
report).
“Since January, purchase share has increased by at least three
percentage points per month, and purchases now represent 66 percent of
all closed loans,” said Jonathan Corr, president and chief operating
officer of Ellie Mae. “Purchase share has grown nearly 25 percentage
points since May 2013.
“Average days to close all loans moved back up to 40 in May, after
falling below the 40-day mark last month for the first time since we
began tracking data in August 2011,” added Corr.
“From an interest rate perspective, the average 30-year rate fell to
4.530 percent, its lowest percent since November 2013,” said Corr. “Our
expanded coverage of the different loan categories also showed new 2014
lows for conventional (4.669 percent) and FHA (4.383 percent) 30-year
interest rates.”
About the Ellie Mae Origination Insight Report
In 2013, approximately 3.5 million loan applications ran through Ellie
Mae's Encompass mortgage management solution. The Origination Insight
Report mines its application data from a robust sampling of
approximately 57% of all mortgage applications that were initiated on
the Encompass origination platform. Given the size of this sample and
Ellie Mae’s market share, the Company believes the Origination
Insight Report is a strong proxy of the underwriting standards that
are being employed by lenders across the country.
The Origination Insight Report focuses on loans that closed or
were denied in a specific month and compares their characteristics to
similar loans that closed or were denied 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 nonqualification.
The Origination Insight Report details aggregated, anonymized
data and does not disclose client-specific or proprietary information.
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 a leading provider of innovative on-demand
software solutions and services for the residential mortgage industry.
Ellie Mae’s all-in-one Encompass®
mortgage management solution provides one system of record that allows
banks, credit unions and mortgage lenders to originate and fund
mortgages and improve compliance, loan quality and efficiency. Visit EllieMae.com
or call 877.355.4362 to learn more.
© 2014 Ellie Mae, Inc. Ellie Mae®, Encompass®,
DataTrac®, Ellie Mae Network™, Total
Quality Loan™, TQL™ and the Ellie Mae logo are registered trademarks or
trademarks of Ellie Mae, Inc. or its subsidiaries. All rights reserved.
Other company and product names may be trademarks or copyrights of
their respective owners.

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