This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Ellie Mae Releases November 2012 Origination Insight Report

Stocks in this article: ELLI

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)*

Closed Loans
Purpose
Refinance   68%   69%   61%   54%
Purchase   32%   31%   39%   46%
Type
FHA   19%   19%   21%   25%
Conventional   73%   74%   70%   65%
Days to Close
All   50   54   49   46
Refinance   51   57   51   48
Purchase   48   47   47   44
ARMs vs. Fixed, Length, Rate
ARM %   2.0%   2.2%   2.7%   4.3%
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
Loan-to-Value (LTV)   79   86
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 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.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,430.20 +42.99 0.25%
S&P 500 2,029.65 +0.10 0.00%
NASDAQ 4,692.1550 +10.6580 0.23%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs