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Ellie Mae Releases August 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 August 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 AUGUST 2013

    August 2013*   July 2013*   6 Months Ago

(February 2013)*

  1 Year Ago

(August 2012)*

Closed Loans                
Purpose                
Refinance   43 %   47 %   68 %   61 %
Purchase   57 %   53 %   32 %   39 %
Type                
FHA   18 %   19 %   20 %   21 %
Conventional   70 %   71 %   71 %   70 %
Days to Close                
All   41     47     50     49  
Refinance   41     48     51     51  
Purchase   42     46     47     47  
ARMs vs. Fixed, Length, Rate
ARM %   5 .9%   5 .2%   2 .3%   2 .7%
15 Year %   14 .6%   15 .5%   16 .8 %   16 .8%
30 Year – Note Rate   4 .618   4 .357   3 .723   3 .763

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

 

       

PROFILES OF CLOSED AND DENIED LOANS FOR AUGUST 2013

   

Closed First-Lien Loans (All Types)

  Denied Loans

(All Types)

FICO Score (FICO)   734   696
Loan-to-Value (LTV)   82   84
Debt-to-Income (DTI)   24/37   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 May 2013 applications) to calculate an overall closing rate of 53.1% in August 2013, down from 55.4% in July 2013 (see full report).

“Purchase loans continued to gain share in August, climbing 4% to 57% of all loans,” said Jonathan Corr, president and chief operating officer of Ellie Mae. “This was the highest percentage of purchase loans since we began tracking this data in August 2011.

“HARP-related high LTV refinances (95% or more) continued their resurgence, moving up from 11.1% in July 2013 to 13.4% in August 2013,” he added.

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