Ellie Mae Releases October 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 October 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 OCTOBER 2012
			October 2012*			September 2012*			3 Months Ago (July 2012)*			6 Months Ago (April 2012)*
Closed Loans
Purpose
Refinance			69%			65%			58%			56%
Purchase			31%			35%			42%			44%
Type
FHA			19%			19%			24%			28%
Conventional			74%			72%			67%			62%
Days to Close
All			54			50			48			45
Refinance			57			53			48			47
Purchase			47			47			47			43
ARMs vs. Fixed, Length, Rate
ARM %			2.2%			2.6%			3.1%			5.1%
15 Year %			16.9%			17.3%			15.3%			18.4%
30 Year – Note Rate			3.671			3.773			3.870			4.151

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

PROFILES OF CLOSED AND DENIED LOANS FOR OCTOBER 2012
			Closed First-Lien Loans (All Types)			Denied Loans (All Types)
FICO Score (FICO)			750			706
Loan-to-Value (LTV)			78			87
Debt-to-Income (DTI)			23/34			27/44

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 July applications) to calculate an overall closing rate of 54.5% in October 2012, compared to 50.5% in September 2012 (see full report).

“In October, the closing rate for refinances was 51.3%, up from 45.3% in September 2012, and the first time since we began our tracking, in August 2011, that the pull-through rate for refinances topped 50%,” said Jonathan Corr, chief operating officer of Ellie Mae. “The 30-year note rate on closed loans also hit a new low last month for our report, dropping to 3.671% in October 2012 from 3.773% in September 2012.

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