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Ellie Mae Releases July 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 July 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 JULY 2013

   

July 2013*

 

June 2013*

 

6 Months Ago (January 2013)*

 

1 Year Ago (July 2012)*

Closed Loans
Purpose
Refinance 47% 51% 73% 58%
Purchase 53% 49% 27% 42%
Type
FHA 19% 19% 18% 24%
Conventional 71% 71% 74% 67%
Days to Close
All 47 47 54 48
Refinance 48 47 55 48
Purchase 46 46 51 47
ARMs vs. Fixed, Length, Rate
ARM % 5.2% 4.0% 2.1% 3.1%
15 Year % 15.5% 16.5% 16.9% 15.3%
30 Year – Note Rate 4.357 3.918 3.634 3.870

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

PROFILES OF CLOSED AND DENIED LOANS FOR JULY 2013

  Closed First-Lien Loans   Denied Loans
  (All Types) (All Types)
FICO Score (FICO) 737 702
Loan-to-Value (LTV) 81 84
Debt-to-Income (DTI) 24/36 28/44

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/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 April 2013 applications) to calculate an overall closing rate of 55.4% in July 2013, up from 54.3% in June 2013 (see full report).

“In July, the mix of purchase loans to refinances was 53% versus 47%: the largest percentage of purchase loans since we began tracking the data in August 2011,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “This was a further indication that housing seems to be improving.

“One part of the refinance market, HARP-related high LTV refinances (95% or more), had a resurgence, rising more than three percent to 11.1% in July 2013, compared to 8.0% in June 2013,” he noted.

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