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Ellie Mae Releases January 2013 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 January 2013. 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 JANUARY 2013

 
 

January 2013*
 

December 2012*
 

3 Months Ago (October 2012)*
 

6 Months Ago (July 2012)*
Closed Loans
Purpose
Refinance   73%   69%   69%   58%
Purchase   27%   31%   31%   42%
Type
FHA   18%   19%   19%   24%
Conventional   74%   73%   74%   67%
Days to Close
All   54   55   54   48
Refinance   55   57   57   48
Purchase   51   51   47   47
ARMs vs. Fixed, Length, Rate
ARM %   2.1%   2.1%   2.2%   3.1%
15 Year %   16.9%   15.9%   16.9%   15.3%
30 Year – Note Rate   3.634   3.609   3.671   3.870

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

PROFILES OF CLOSED AND DENIED LOANS FOR JANUARY 2013
 
   

Closed First-Lien Loans (All Types)
 

Denied Loans (All Types)
FICO Score (FICO)   749   707
Loan-to-Value (LTV)   79   85
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 October 2012 applications) to calculate an overall closing rate of 55.0% in January 2013, up slightly from 54.7% in December 2012, which is mostly due to an increase in refinances (see full report).

“Since last summer, the refinance share has been climbing steadily and in January 2013 it reached 73%, the highest level since we began tracking this data in August 2011,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “Continued low interest rates and home-buying seasonality are big reasons for this shift, but so is HARP 2.0 activity. Closed conventional refinances with LTVs of 95%-plus ticked up slightly to 11.6% in January 2013 from the previous high of 11.4% in December 2012, indicating that more underwater borrowers are being able to refinance thanks to HARP2.0.

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