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Ellie Mae Releases August 2012 Origination Insight Report

Ellie Mae ® (NYSE: ELLI), a leading provider of enterprise-level, on-demand automated solutions for the residential mortgage industry, today released its Origination Insight Report for August 2012. The report draws its data and insights from a robust sampling of the significant volume of loan applications—more than 20% of all originations in the United States—that flow through Ellie Mae’s Encompass360 ® mortgage management software and Ellie Mae Network™.

MONTHLY ORIGINATION OVERVIEW FOR AUGUST 2012
    August 2012*   July 2012*   3 Months Ago

(May 2012)*
  6 Months Ago

(February 2012)*
Closed Loans
Purpose
Refinance   61%   58%   54%   67%
Purchase   39%   42%   46%   33%
Type
FHA   21%   24%   25%   25%
Conventional   70%   67%   65%   67%
Days to Close
All   49     48     46     44  
Refinance   51     48     48     43  
Purchase   47     47     44     45  
ARMs vs. Fixed, Length, Rate
ARM %   2 .7%   3 .1%   4 .3%   4 .3%
15 Year %   16 .8%   15 .3%   17 .6%   19 .6%
30 Year – Note Rate   3 .763   3 .870   4 .116   4 .095

*All references to months should be read as month ended.

PROFILES OF CLOSED AND DENIED LOANS FOR AUGUST 2012
    Closed First-Lien Loans (All Types)   Denied Loans

(All Types)
FICO Score (FICO)   750   708
Loan-to-Value (LTV)   79   88
Debt-to-Income (DTI)   23/34   27/43

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/aboutus/about_reports.asp .

To get a meaningful view of lender “pull-through,” Ellie Mae reviewed a sampling of loan applications initiated 90 days prior (i.e., the May applications) to calculate a closing rate for August 2012, which was 47.8%, compared to 45.8% in July 2012 (see full report).

“The 30-year note rates on closed loans continued to decline, dropping from 3.870% in July to 3.763% in August 2012. August’s rate was down nearly 100 basis points from the same time last year and the lowest point since we began tracking,” said Jonathan Corr, chief operating officer of Ellie Mae. “The percentage of ARMs also continued its decline to 2.7% in August 2012, the lowest point since we began tracking in August 2011, when the percentage of ARMs was 8.3%."

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