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)*|
|Days to Close|
|ARMs vs. Fixed, Length, Rate|
|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|
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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV