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
3 Months Ago (July 2012)*
6 Months Ago (April 2012)*
|Days to Close|
|ARMs vs. Fixed, Length, Rate|
|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|
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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