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 June 2013 and infographic comparing mortgage metrics from June of 2012 to June of 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 the Ellie Mae Network™.
MONTHLY ORIGINATION OVERVIEW FOR JUNE 2013
|June 2013*||May 2013*|| 6 Months Ago
| 1 Year Ago
|Days to Close|
|ARMs vs. Fixed, Length, Rate|
|15 Year %||16||.5%||16||.4%||15||.9%||15||.8%|
|30 Year – Note Rate||3||.918||3||.747||3||.609||3||.992|
*All references to months should be read as month ended.
PROFILES OF CLOSED AND DENIED LOANS FOR JUNE 2013
Closed First-Lien Loans
|FICO Score (FICO)||742||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 March 2013 applications) to calculate an overall closing rate of 54.3% in June 2013, up from 53.5% in May 2013 (see full report).
“In June, the mix of refinance-to-purchase loans continued to rebalance as higher rates made refinancing less attractive and the prospect of higher home prices and potentially higher interest rates may have brought more buyers to the closing table,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “Closed purchase loans accounted for 49% of the volume in June 2013, the highest level since we began tracking in August 2011.“The average interest rate on a 30-year loan rose to 3.918% in June 2013, the highest point since June 2012 when it was 3.992%,” Corr noted. “The transition from a refinance to a purchase market may also be why we saw a growth in adjustable rate mortgages in June 2013, hitting 4% for the first time since May 2012. This may be a sign that some buyers are trying to stretch their budget as both home prices and interest rates tick up.
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 Plus 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