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 May 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 MAY 2013
|May 2013*||April 2013*||
3 Months Ago (February 2013)*
6 Months Ago (November 2012)*
|Days to Close|
|ARMs vs. Fixed, Length, Rate|
|15 Year %||16.4%||15.3%||16.8%||16.7%|
|30 Year – Note Rate||3.747||3.808||3.723||3.600|
*All references to months should be read as month ended.
PROFILES OF CLOSED AND DENIED LOANS FOR MAY 2013
Closed First-Lien Loans (All Types)
Denied Loans (All Types)
|FICO Score (FICO)||743||701|
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/about-us/news-reports/ellie-mae-reports/ .
To get a meaningful view of lender “pull-through,” Ellie Mae reviewed a sampling of loan applications initiated 90 days prior (i.e., the February 2013 applications) to calculate an overall closing rate of 53.5% in May 2013, up slightly from 53.2% in April 2013 (see full report).
“On a month-over-month basis, the market in May mirrored April, and credit quality, as measured by FICO, LTV and DTI, continued its slow loosening that started in January 2013,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “The refinance-to-purchase mix stayed at 58% vs. 42%.”“The average interest rate on a 30-year loan was 3.747 in May, down from 3.808 in April. An interest rate dip often prompts borrowers and lenders to lock in their refinance rates and close,” Corr noted. “While this probably factored into the steady pull-through rate in May, it didn’t affect days to close, which registered their lowest point this year (44 days in May).”
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV