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 November 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 NOVEMBER 2012|
|November 2012*||October 2012*||3 Months Ago (August 2012)*||6 Months Ago (May 2012)*|
|Days to Close|
|ARMs vs. Fixed, Length, Rate|
|15 Year %||16.7%||16.9%||16.8%||17.6%|
|30 Year – Note Rate||3.600||3.671||3.763||4.116|
*All references to months should be read as month ended.
|PROFILES OF CLOSED AND DENIED LOANS FOR NOVEMBER 2012|
|Closed First-Lien Loans (All Types)||Denied Loans (All Types)|
|FICO Score (FICO)||750||707|
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 August applications) to calculate an overall closing rate of 52.3% in November 2012, down slightly from 54.5% in October 2012 (see full report).“The 30-year note rate on closed loans continued to decline, falling to 3.6% in November 2012 from 3.671% in October 2012,” said Jonathan Corr, chief operating officer of Ellie Mae. “The overall time to close decreased to 50 days last month mainly due to speedier closing of refinances, coming in at 51 days in November 2012, six days shorter than in October 2012.”
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