This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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%."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs